Last week Lending Club, the largest marketplace lending platform in the US, released its quarterly financial results. The numbers beat the street. But even more important is the fact the direct lending platform is growing. If you compare their growth to somnolent banks the comparison is even more dramatic.
CEO and founder Renaud Laplanche made the rounds after the results were released. Here he is on CNBC telling the world how they are really a tech platform. Something exemplified by their recent release of a site API. How often do banks do that?
Laplanche says they are more in line with tech companies and they continue to raise their guidance.
It is clear direct lenders are here to stay. How about the banks?