Orchard Platform, a technology and infrastructure provider for marketplace lending, announced it has raised $30 million in Series B funding. This brings the total investment in Orchard to $44.7 million. Thrive Capital, a private equity and venture capital firm focused on technology and media investments, led the round, with additional participation from Jon Winkelried, Former President & Co-Chief Operating Officer of Goldman Sachs, Victory Park Capital, Thomvest Ventures, and existing investors including Spark Capital, Canaan Partners, QED Investors, Nyca Partners, Conversion Capital, John Mack, and Tom Glocer. Orchard will use the funds to accelerate the evolution of its technology platform.
Marketplace lending has enabled lenders to diversify their funding sources and ultimately expand access to credit. During the past year, this new funding strategy has expanded to include new asset classes, product types, and geographies. Orchard sits at the nexus of the new marketplace lending industry and has helped fuel its growth by disrupting the way institutional investors engage with and fund loan originators, providing risk management and reporting capabilities and serving as an important source of data to industry participants.
“Our core business vision—of facilitating a faster and more fluid flow of capital through technology and access to data—has gained enormous traction,” said Matt Burton, CEO of Orchard Platform.
Ovamba, a global platform operating in United States and in Africa, has recently been added into the Orchard database. This means that investors around the globe will now have easy access to creditworthy borrowers in Africa through Ovamba’s platform. Since its creation in 2013, Ovamba has maintained high level of research on market activities and as a result has been able to provide its investors with fact-based information on profitable sectors of activities in the continent.
Ovamba’s CEO Marvin Cole on Orchard’s accomplishment: “We congratulate Orchard on an amazing Series B. The Orchard Platform brings together deeply vetted marketplace lending firms and investors – making it the hub for the firms driving innovation worldwide. We’re honored to be amongst that number and are inspired by the recognition of the hard work the Orchard team has invested in building the leading aggregator in our industry”