SuperMoney reviews the new US consumer lending platform founded by Renaud Laplanche; firm is an online lender focused on personal loans, also offering consumer credit monitoring and education for its customers with benefits for high quality borrowers; SuperMoney outlines the platform's underwriting standards, application process, and pros and cons versus competitors. Source
Renaud Laplanche launched his new online lending firm at the beginning of April; Upgrade raised $60 million for its launch and is reportedly valued at $168 million; the company will compete directly with many unsecured consumer lenders offering loans from $2,000 to $50,000; a key part of the offering will be a mobile app to help borrowers manage their finances which has yet to be released. Source
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While giving a keynote speech at LendIt Europe 2017 Upgrade CEO Renaud Laplanche laid out his three biggest predictions for the near future; the growth of online lending will accelerate in the next 15 months, a meaningful secondary market will develop and rebundling will give birth to one major consumer product innovation in the next 15 months. Source.
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Business Insider interviewed Renaud Laplanche last week at LendIt Europe; on his exit from Lending Club, Laplanche stated, “It was very, very frustrating. I'm not commenting on the story, but the best way to actually understand what really happened is to read the filings. I think the press made it sound a lot worse, a lot more sensational, than it really was.”; he is taking what he learned from building Lending Club and applying it to his new company Upgrade; Laplanche stated that he hopes to launch a new product each year with possible expansion into mortgages, auto loans, credit cards, home equity and lines of credit. Source
Renaud Laplanche has announced the launch of a new online consumer lending platform called Upgrade; the firm's investors include Apoletto, CreditEase, FirstMark Capital, Noah Holdings, Ribbit Capital, Sands Capital Ventures, Silicon Valley Bank, Union Square Ventures, Uprising and Vy Capital; the firm will partner with WebBank for loan originations and plans to sell its loans to institutional investors; it is working with Jefferies on its capital markets strategy and a loan securitization program; the firm also has plans to use blockchain for data management and transactions. Source