Lending Club has endured some very public challenges this year as we all know. But the company has rebounded from the lows they experienced after the resignation of the founder, Renaud Laplanche, and they are building again for the future. The new CEO, Scott Sanborn, has rebuilt his executive team with many new faces from traditional financial services.
In the latest edition of the Lend Academy Podcast I interviewed the new Lending Club CEO to get his first hand take on where the company is at today. This is his second appearance on the show, the first time being back in April 2014 after he had recently been promoted to Chief Operating Officer.
In this podcast you will learn:
- Why Scott decided to join Lending Club back in 2010.
- What the mood is like inside Lending Club today.
- The keys to winning back investors, especially banks.
- What their mix of investors looks like today.
- Lending Club’s plans for retail investors.
- Scott’s thoughts on Lending Club’s recent loan performance.
- Background to what Lending Club has built to help facilitate securitizations.
- The kinds of conversations that Scott has been having in Washington DC.
- The possible timelines of the SEC and DOJ investigations.
- How Lending Club keeps the balance between their whole loan and retail platform.
- The status of the new loan product that was going to be released earlier this year.
- Scott’s thoughts on the arrival of large banks like Goldman Sachs into the space.
- The keys for Lending Club in 2017 to maintain their leadership position in the industry.
There is no transcript available for this episode. Full disclosure: I own Lending Club stock and have been investing in Lending Club loans since 2009.
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Peter,
Interesting to hear Scott’s optimistic description of current lending club operations, but as an LCAdvisor fund investor who cannot get my investment redeemed and is facing monthly losses I am not impressed.
Perhaps Lending Club should take care of the basics before aggressively expanding. Their performance continues to be poor and their treatment of existing investors leaves much to be desired.
I would like to see concerns addressed rather than a half hour advertisement.
I am a potential investor and love to hear what is going on with lending club .. Can you elaborate a little bit about your experience why they perform poorly for investors? Because I have been impressed by their returns for investors as they shown in their ads….
Henry, What the other Henry is talking about is LC Advisors – this is a private fund offered by Lending Club to accredited investors. This had its first down month recently as they switched to a new valuation method for the fund.
I am still happy with my investment performance at Lending Club. I share the details every quarter here:
https://www.lendacademy.com/my-returns-at-lending-club-and-prosper/