Quote Originally Posted by Scott Williams View Post
Doesn't WEB BANK fund New Logic? So now WEB BANK is behind New Logic and Bill me Later?
Yes, but the relationship is more about compliance than anything else. Fed charters make is much much easier to do the loan thing. OnDeck used metabank in certain states and now they switched to Bank of Internet. ARF used Mission Valley and some other bank I can't remember. New Logic had to expand asap on the heels of OD. Going at it without bank backing is a compliance nightmare in many States and it takes a long time to be able to offer all 50. It's a shortcut and the banks involved basically make money for "free".