LendingClub reports significant funding, origination cost savings in Q1

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By Jennifer Kang
29 Apr 2021

LendingClub announced its first quarter earnings on Wednesday afternoon, highlighting the financial benefits it was able to capture from conversion into a bank, and laying out plans for its personal loans business. Although LendingClub can now use deposits to fund itself, capital markets will always remain a key part of its funding, whether it be whole loans or securitizations, the company said.

The San Francisco-based marketplace lender became a bank on February 1 this year, becoming the first public US “neobank”. Almost 15 years after it came into existence, the company married the traditional bank model with its services as a digitally native marketplace lender.

LendingClub announced that ...

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