After the closing bell yesterday LendingClub reported their earnings for Q4 2018 and the full calendar year; they originated a record $10.9 billion in new loans in 2018 but made a loss for the year of $128 million, although only $13 million of that loss was in Q4; banks remain the largest funding source with 41% of originations or around $1.2 billion per quarter; guidance for 2019 came in below analysts expectations; CEO Scott Sanborn had this to say, “Our record results in 2018 prove that our business model and strategy are working and our investments in innovation and simplification mean we are targeting Adjusted Net Income profitability over the second half of 2019.” Source.
