Paul Ricci, chief executive of Best Egg, and Tom Harper, head of tech lending for the Philly region of Wells Fargo, at the Best Egg offices in Wilmington, Del..collapsed and eight months after the U.S. prime lending rate topped 8% for the first time since 2000, tech finance remains busy and competitive, practitioners say.
“Anecdotally, the tech market is really buoyant, and a lot of deals are happening. There’s a lot of need for capital in that sector,” Dunn said. Best Egg has since added credit card, rent-based loans, auto and other secured loans, personal-budgeting tools, and other products. Founder Paul Ricci now prefers the termBest Egg employs 900. It has originated $30 billion in loans over the past decade and expects to collect around $500 million in interest and fees from $10 billion in outstanding loans this year.
“A lot of online lenders will be consolidating,” he predicts. He said Best Egg is now big enough and strong enough to be among the acquirers.