LendingClub reports significant funding, origination cost savings in Q1

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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