Lending-Club

  • Troubled P2P lender LendingClub names Scott Sanborn CEO, cuts 179 jobs amid lower loan volume

    Troubled P2P lender LendingClub names Scott Sanborn CEO, cuts 179 jobs amid lower loan volume

    Yet more changes afoot for LendingClub — a peer-to-peer loans marketplace whose stock tanked May after its founder, CEO and chairman Renauld Laplanche resigned amid an accounting scandal. Ahead of an annual meeting being held later today, the company announced Scott Sanborn as its permanent CEO and Hans Morris as independent chairman of the board as it seeks to repair its image… Read More

  • Lending Club’s site goes down

    Lending Club’s site goes down

    [Update: As of 6:40 p.m. PST last night, the site was back up and running, but it appears to be down again this Thursday morning, as of at least 6:10 a.m. PST.] Lending Club’s site has gone down tonight, prompting at least one nervous investor to tweet out his concern that “[a]s a long time investor there, I am worried that they have closed down.” @cheddartv… Read More

  • Lending Robot makes Lending Club investing easy as setting screen brightness

    Lending Robot makes Lending Club investing easy as setting screen brightness

    Thanks to Lending Robot, even those who took their finance lessons from Margot Robbie and Anthony Bourdain in “The Big Short” can invest in loans via primary and secondary markets. Users will be able to authorize the platform to trade on their behalf simply by sliding a bar to indicate risk preferences. Lending Robot integrates with peer-to-peer lending platform Lending Club to… Read More

  • In defense of online lending Crunch Network

    In defense of online lending

    The marketplace industry will be just fine. It is uncertainty – rather than a fundamental flaw in the business model – that is the root cause of the sector’s present turmoil. There’s uncertainty over the platforms’ internal monitoring processes, over the veracity of loan data, over shifts in loan rates, over shifts in the economy – and indeed over the… Read More

  • The mercurial nature of P2P lending Crunch Network

    The mercurial nature of P2P lending

    The meteoric rise of e-lending platforms attracted a lot of interest among investors and entrepreneurs. Lending Club and OnDeck have already become public companies, and their competitors, such as Funding Circle, SoFi, Prosper, RateSetter, Zopa, Avant, Kabbage and others continue to develop and increase their loan portfolios. Read More

  • For online lenders, it’s suddenly touch-and-go

    For online lenders, it’s suddenly touch-and-go

    A year ago, privately held online lenders like Prosper, SoFi and Avant looked all but certain to go public at the same unicorn valuations their venture investors had assigned them — if not higher. They were seemingly reshaping the student, consumer and small business lending business. The market they’re chasing is enormous: The U.S. consumer lending market is a $3.5… Read More

  • Lending Club shares are crashing after its CEO resigns

    Lending Club shares are crashing after its CEO resigns

    Lending Club shares are down more than 25% — shaving off hundreds of millions of dollars off the company’s roughly $2.5 billion market cap — after it announced its CEO would resign following an internal review of $22 million in near-prime loan sales to a single investor. Renaud Laplanche will leave the company after a review of a loan sale that didn’t meet the… Read More

  • Norwest Raises Third Consecutive $1.2 Billion Fund in Five Years

    Norwest Raises Third Consecutive $1.2 Billion Fund in Five Years

    Norwest Venture Partners, the 55-year-old, Palo Alto, Calif.-based venture firm, has closed its third consecutive $1.2 billion fund. The group, which employs 20 investors altogether, raised the same amount in 2014, as well as in 2010. If Norwest’s single limited partner – the banking giant Wells Fargo – likes what it sees, it’s easy to see why. Read More

  • J.P. Morgan, OnDeck And The Future of Alternative Lending Crunch Network

    J.P. Morgan, OnDeck And The Future of Alternative Lending

    Earlier this month, J.P. Morgan announced a strategic partnership with OnDeck Capital to originate, underwrite, and distribute loans targeted specifically at small businesses. As evidenced by a 28% single-day spike in OnDeck’s share price, this announcement clearly is a big deal to one of the leading FinTech companies today, and has major implications for the future of alternative lending. Read More