Tagged: lendingclub

LendingClub Adds COVID-19 Help Center for Members, Adds New Services for Challenging Economic Environment

  LendingClub (NYSE:LC), an online lending marketplace and emerging digital bank, has announced the launch of the “Member Center,” a centralized location for users to find assistance and support to better manage their financial lives during the COVID-19 crisis. Early one, when the Coronavirus first… Read More

LendingClub Q1: Loan Originations Sink Along with Net Revenue as COVID-19 Hammers Online Lender

LendingClub (NYSE: LC) is out with its first-quarter earnings report and the numbers are indicative of the problematic economy that has been crushed by the Coronavirus pandemic. LendingClub, the leading marketplace lender in the US, delivered numbers that showed a significant decline versus the same… Read More

Industry Chatter Indicates Many Online Lenders are Laying Off Employees, Some Fintechs May Never Recover

Yesterday, Crowdfund Insider covered the news that LendingClub (NYSE:LC), the largest Fintech consumer lender in the US, was furloughing and eliminating jobs due to the COVID-19 pandemic. The crisis has apparently driven the elimination of 471 individual jobs. Shockingly, LendingClub’s President saw his position eliminated…. Read More

LendingClub Reduces Workforce as COVID-19 Crisis Hits Loan Originations, Company President Exits

In a somewhat shocking but not unexpected move, LendingClub (NYSE:LC) has announced a round of layoffs and furloughs today as the COVID-19 pandemic has hit the Fintech hard. In brief, loan originations for the mainly consumer lender, have tanked requiring the Fintech to reposition itself… Read More

Once Economy Shifts from Respond to Recover, Fintechs May Benefit: Report

Many Fintechs are actively engaged in supporter consumers and businesses in the battle to survive in an economy battered by the COVID-19 pandemic. Simultaneously, some funding has dried up putting some startups at risk. This may include Fintechs. Yet one report expects that Fintechs may… Read More

Due to COVID-19, LendingClub Will No Longer Offer Grade D Loans

LendingClub (NYSE:LC) has filed a new form with the Securities and Exchange Commission (SEC). The Form “FWP” states that LendingClub has suspended the facilitation of new D Grade loans as of April 10, 2020, due to the COVID-19 pandemic. Recently, LendingClub has taken measures to… Read More

COVID-19: LendingClub Increases Interest Rates for New Borrowers as Unemployment Rate Jumps

LendingClub (NYSE:LC), the leading marketplace lender for consumers, is increasing interest rates for borrowers. The increase for new borrowers ranges from 2% to 4% depending on loan grade. The news was revealed in an 8-K filed with the Securities and Exchange Commission and posted on… Read More

Coronavirus: LendingClub 8K Outlines Initiatives Taken to Navigate COVID-19 Crisis, Withdraws Q1 Guidance

LendingClub (NYSE:LC), the leading marketplace lending platform in the US, has issued another 8K outlining moves the company has taken to gird its platform during the Coronavirus pandemic. Last week, LendingClub issued a similar 8K outlining moves it had taken as interest rates and credit… Read More

Once Viewed as Disaggregating, Fintechs Now Re-bundling Financial Services

For a long time, Fintechs were viewed as slicing and dicing various services that banks and other financial services firms provided as part of a cafeteria of offerings. Take online lending for example, marketplaces and direct lenders targeted SME loans and consumer credit as a… Read More

Limiting Credit: LendingClub Looks to Enhance Resiliency of Portfolio as Coronavirus Rattles Financial Markets

LendingClub (NYSE:LC) has issued an 8-K this morning reacting to the highly volatile macroeconomic environment fueled by the Coronavirs, or COVID-19, pandemic. LendingClub said they “have not observed changes in application trends, deterioration in loan performance or significant shifts in investor demand.” But in light… Read More

Annie Armstrong Joins LendingClub as Chief Risk Officer, Tim Bogan to Lead Digital Bank Integration

LendingClub (NYSE: LC), a marketplace lending platform and aspiring digital bank, has appointed Annie Armstrong as the company’s Chief Risk Officer (CRO). Simultaneously, LendingClub announced that the current CRO, Tim Bogan will take on a new role as Chief Banking Integration Officer to focus on… Read More

A New Era in Fintech? LendingClub Reports Profitable Q4, Announces Acquisition of Digital Bank – Radius

LendingClub (NYSE:LC), the largest online lending marketplace in the United States, has simultaneously announced a GAAP profitable Q4 while revealing it has purchased a federally chartered bank, Radius Bank, thus immediately vaulting the Fintech into the hot digital banking realm. According to a release distributed… Read More

LendingClub Announces as One of 325 Companies Included in the 2020 Bloomberg Gender-Equality Index

LendingClub (NYSE: LC) announced on Tuesday it is one of 325 companies across 50 industries included in the 2020 Bloomberg Gender-Equality Index (GEI). According to LendingClub, the GEI expanded in 2020 to represent 42 countries and regions, including companies headquartered in the Czech Republic, New… Read More

LendingClub Shifts More Employees Away from San Francisco, Gains Recognition as Top Utah Workplace

The Salt Lake Tribune has named LendingClub (NYSE: LC) as the number one top workplace in Utah for mid-sized companies. The list is based on employee feedback gathered through a third-party survey administered by research partner Energage. Additionally, LendingClub was recognized with a special award:… Read More

The Marketplace Bank: Is LendingClub the Future of Banking?

Earlier this week, leading marketplace lending platform LendingClub (NYSE:LC) announced Q3 financial results that beat on both the top and bottom line. Importantly, LendingClub reported its first profitable quarter in years – a longtime goal of the Fintech. LendingClub went public in December 2014 during… Read More

LendingClub Reports an “Adjusted” Profit, Tops Guidance for Q3

LendingClub (NYSE:LC), the leading US-based marketplace lending platform, has released Q3 earnings results. According to published results, LendingClub beat previously provided guidance and delivered its first profitable quarter in memory. LendingClub said it “achieved break-even GAAP earnings per share” and adjusted earnings per share of… Read More

Ron Suber Shares Perspective on Fintech: “Creating a successful digital bank is like golf and bridge – harder than it looks”

Ron Suber is one of the better-known names in the Fintech sector. Originally, Suber’s role as the President of the marketplace lending platform Prosper Marketplace brought Suber’s name to prominence as the Fintech emerged as an early leader in the US online lending market. Since… Read More

LendingClub Launches Digital Loan Transaction Platform “LCX,” Provides Improved Liquidity & Same Day Settlement

LendingClub (NYSE: LC), the leading marketplace for loans in the US, has launched a “first of its kind” online marketplace designed to connect institutional investors to loans called LCX. The new marketplace provides same-day settlement of fully funded loans. LendingClub said in a release that… Read More

LendingClub Fills Board of Directors Slot with former Alibaba Executive Michael Zeisser

LendingClub (NYSE: LC), has filled a vacant board of directors position with Michael Zeisser – a former executive with Alibaba. According to a release, Zeisser will serve on the Nominating and Corporate Governance Committee and the Compensation Committee. Zeisser has an interesting resume. Until April… Read More

Even Financial Raises $25 Million Through Investment Round Co-Led By Citi Ventures & MassMutual Ventures With Participation From LendingClub

Even Financial, an API for financial services search, acquisition, and monetization, announced on Wednesday it secured $25 million through latest investment round, which was co-led by Citi Ventures and MassMutual Ventures, with participation from LendingClub. The company’s existing investors American Express Ventures, Canaan Partners, F-Prime… Read More

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