最有看点的互联网金融门户

最有看点的互联网金融门户
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服务替代金融,美国次贷平台Victory Park进军海外市场

总部位于芝加哥的投资公司Victory Park Capital是美国一家重要的替代金融服务机构。该平台曾先后为Avant、Elevate和LendUp等在线借贷机构提供债务资本,同时也为Kabbage、OnDeck Capital和Square等小企业借贷机构提供融资支持。

美国借贷市场规模很大,据统计,在过去达成的90多宗交易中,累计投资总额已经达到65亿美元。

然而,Victory Park高级合伙人兼联合创始人Brendan Carroll认为,全球还有很多无法享受传统银行业务的人群,而他们背后的海外市场潜力不可估量,所以Victory Park的下一个目标就是进军海外市场。

据悉,Victory Park目前已经与澳大利亚的zipMoney、德国的Kreditech和英国的Oakam达成了合作。

自2008年金融危机以来,花旗集团、大通银行和美国银行等主流银行业领导机构试图通过远离风险较高的次级客户来修复他们的资产负债表,毕竟上一次次贷危机的教训还历历在目。而风险偏好的突然下降却同时为非银行贷款机构提供了一个前所未有的发展机遇。

奥本海默(Oppenheimer)驻纽约分析师Chris Kotowski表示,在未来的金融行业中,应该由职业资产管理人/机构来管理长期锁定的资本,尤其是那些风险较高的资本,因为这些资本会带来实际信贷和流动性风险。

Victory Park Capital — a Chicago-based investment firm — is a key player in the alternative financial services movement, providing debt capital for a string of familiar names in online lending. Avant, Elevate and LendUp, for example, are among the digital lenders that have worked with Victory Park in the past to provide financing for near-prime, subprime and thin credit file borrowers. Victory Park has also offered financial backing to credit platforms aimed at small-businesses like Kabbage, OnDeck Capital and Square.

And now, it seems, Victory Park is looking at opportunities for expansion in global markets.

“For us, I see a worldwide opportunity,” said Brendan Carroll, senior partner and co-founder, noting a steady rise in “underbanked” populations around the world. “I think the U.S. is a massive, massive market, but I definitely think opportunities exist outside the U.S.”

The U.S. has indeed been a massive market for the firm — total investments reportedly add up to around $6.5bn ranging across more than 90 deals.

But, as the firm has started thinking globally, it has extended its portfolio with Australia’s zipMoney, Germany’s Kreditech and the U.K.’s Oakam.

The firm growth in recent years has been powered by a change of sea in the mainstream financial services sector. Since the Great Recession of 2008, mainstream banking leaders like Citigroup, Chase and Bank of America have sought to repair their dented balance sheets by staying away from riskier subprime customers. That sudden loss of appetite for risk has created an opening for non-bank lenders to step in and provide, a wave that Victory Park has successfully ridden thus far.

“When we set up, the thesis was pretty simple; to provide private debt to basically anything that a bank wouldn’t,” said Carroll. A key advantage for Victory Park has been in its funding structure, akin to a private equity firm, under which investors supply capital that is locked up for five to 10 years, said Carroll. That has allowed the firm to set up long-term relationships with emerging platforms, offering lines of credit that can be increased as the businesses grow. ”

Moreover, banks remain gun-shy when it comes to risky lending classes — as the subprime loans have, in recent memory, cost them vast sums of money, inflicted massive reputational damage upon them and brought regulators’ attention to their doorsteps.

According to Chris Kotowski, an analyst at Oppenheimer in New York, banks are done with these markets for the foreseeable future, which has created a need among an “generation of executives.”

“The future is asset managers that manage long-term, locked-up capital, especially for the riskier assets that carry real credit and liquidity risk,” said Kotowski to The Financial Times. “That is the future of finance.”


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