Not that the relationship between traditional banks and financial tech companies is entirely smooth.
A very different kind of partnership between Citigroup and consumer lender Prosper Marketplace fell apart earlier this month. In that deal, Citi purchased loans issued online by Prosper, packaged them up and sold them as securities to the bank's high-net-worth clients.
Increased volatility in the credit markets and rising interest rates led investors to ask for higher yields than the securities were offering. With demand flagging, Citigroup stopped buying and securitizing the debt.
Prosper President Ron Suber addressed the issue at the LendIt conference in San Francisco on April 11.
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"When we don't have alignment with our investors, when groups sell our loans into the market no matter what, if the market's not ready, it's not good," Suber said in his keynote address. "We learned that at Prosper this year."
For BlueVine, working with Citi has plenty of potential advantages. Lifshitz, who was a venture capitalist before starting the company, said the bank's extensive experience in all the sensitive matters surrounding managing financial transactions will be extremely valuable.
"They have expertise in everything around regulation, infrastructure and compliance," Lifshitz said. "Having them in our corner is a good thing."