Shares in the online lender have sunk almost 20 percent on news that they will lower their full year earnings forecast; the company also announced that they are limiting lending to lower grade borrowers as they continue to tighten their credit standards; while scandal has hurt the company, they have been tightening their credit standards for close to two years as they continue to adjust models. Source.
While hosting their first investor day the online lender again cut guidance for profits and shares fell to record lows; “The last 18 months have been among the most challenging of my career, but my conviction has never wavered: consumer credit is a data problem that a technology-driven marketplace is well positioned to solve,” CEO Scott Sanborn said at the investor day; Lending Club has had is share of issues and new entrants like Marcus have begun to crowd the market; not all investors are put off by the news, Chinese investor Shanda said he was keeping the faith in the lender as they recently made a big investment. Source.
Lending Club files an 8K for a $200mn warehouse funding agreement; JPMorgan Chase was the administrative agent and Wilmington Trust was the collateral trustee; the revolving credit facility will be with certain lenders not yet announced; the move is another step in the funding sources diversification direction the company discussed late last year. Source.
Lending Club has hired Santiago Suarez, JPMorgan's head of new technologies; he will join Lending Club as the firm's head of strategy and mergers and acquisitions; at JPMorgan, Suarez was involved with testing blockchain and machine learning; he also worked in the bank's corporate strategy group, focused on managing top strategy issues for the bank. Source
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LendingClub’s announced acquisition of Radius Bank could be the beginning of a market trend that sees more fintech firms buying...
Every year we provide the information that retail investors who buy notes at LendingClub or Prosper need for filing their...
Nearly a full year after purchasing RadiusBank, LendingClub boasted revenue of $262.2M and diluted earnings per share of $0.27.
Nearly a full year after purchasing RadiusBank, LendingClub boasted revenue of $262.2M and diluted earnings per share of $0.27.