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09-26-2014, 01:22 PM #4
Even though the loss gap is widening each year, their margins are probably improving since loan volume has been rising significantly. Still, the one thing I hate about all this fintech "disruption" is that the secret sauce seems to be about losing money to acquire market share. Square's losing money, Lending Club is losing money, OnDeck is losing money.
Anyone can succeed at a business where you buy a product for $1 and sell it for 80 cents. These companies bring the ability to scale that "model". It really distorts the market. Anyone charging more than OnDeck is decried as usurious, yet the numbers here prove MCA rates to be in line with rational free market pricing, one where a company can stand to earn a profit.
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