Live Oak Bancshares Inc Stock Price, News & Analysis

Live Oak Bancshares (Nasdaq: LOB) will announce its second-quarter 2022 financial results after U.S. markets close on July 27, 2022. A conference call discussing these results and the business outlook is scheduled for July 28, 2022, at 9:00 a.m. ET. Participants can register in advance to receive dial-in details. A replay of the call will be available until August 4, 2022. Live Oak Bancshares focuses on partnering with businesses in service and technology to innovate banking.

Live Oak Ventures, a subsidiary of Live Oak Bancshares (NASDAQ: LOB), has invested in Asset Class, a Dublin-based fintech focused on investment management software. This Series A funding round, led by Canapi Ventures, raised $11.6 million and supports Asset Class's services to over 300 funds managing $33 billion in assets. The capital will help expand employee headcount in software and business development, aiming to leverage the growing demand for alternative investment strategies and a digital-first market.

Asset Class, a fintech company, has secured $11.6 million in a Series A funding round led by Canapi Ventures with participation from notable investors like Live Oak Ventures and Plexus Capital. Founded in 2020, the company offers innovative investment management software solutions focusing on private equity and venture capital. With over $33 billion in assets under management, Asset Class aims to expand its team, enhancing its software and business development capabilities to capitalize on growing demand in the alternatives market.

Middesk, a leader in business identity solutions, raised $57 million in a Series B funding round led by Insight Partners and Canapi Ventures, with participation from Sequoia, Accel, and Gaingels. The funds will be used to enhance product offerings, scale the workforce, and promote market education about business identity. Founded in 2019, Middesk provides essential verification tools for financial institutions to automate customer onboarding. The company has doubled its headcount recently and aims to double again by year-end.

Live Oak Ventures has announced an investment in AgencyKPI, a company pioneering a business intelligence platform for the insurance industry. Participating in AgencyKPI's Series B financing, Live Oak aims to enhance growth and develop cloud-based solutions for independent insurance agencies. Stephanie Mann, EVP at Live Oak, highlighted the platform's role in driving transparency and efficiency. AgencyKPI's co-founder praised Live Oak's understanding of the insurance sector, emphasizing shared goals of improving data relations among agencies and carriers.

AgencyKPI has successfully secured funding in its Series B round with an investment from Live Oak Ventures, the fintech arm of Live Oak Bancshares (NASDAQ: LOB). This funding aims to enhance their business intelligence platform tailored for the insurance industry, allowing for better data management and efficiency. AgencyKPI plans to use the funds to hire software developers and data scientists to further develop their cloud-based software. The company reported $29 billion in written premium on its Harmony platform, showcasing significant growth in Q1 2022.

Live Oak Bancshares reported a first quarter 2022 net income of $34.5 million or $0.76 per diluted share, marking a 14% increase from the previous year. Total revenue stood at $110.4 million, a 1% decrease from Q4 2021. Loan and lease production decreased by 20% to $865 million, but showed a 28.6% increase year-over-year. Total assets grew to $8.62 billion, up 5% from Q1 2021. Notably, deposits rose to $7.64 billion, a 7% increase. Live Oak's focus remains on serving small business owners with a robust financial foundation.

Live Oak Bancshares, Inc. (Nasdaq: LOB) will release its Q1 2022 financial results on April 27, 2022, after U.S. market close. A conference call to discuss the results and business outlook is scheduled for April 28, 2022, at 9:00 a.m. ET. Interested parties can join the call by dialing (844) 743-2494 domestically or (661) 378-9528 internationally, using conference ID 8584099. A replay will be available until May 5, 2022. Live Oak focuses on redefining banking through service and technology.

Capitolis has successfully raised $110 million in its Series D funding round, achieving a $1.6 billion valuation. The funding was co-led by notable fintech investors including Canapi Ventures, 9Yards Capital, and SVB Capital. With this new financing, Capitolis plans to further enhance its capital marketplace solutions, which have already facilitated over $60 billion in transactions and optimized $13 trillion in trades. New board members include former finance leaders Jeffrey Goldstein and George Osborne.