Renaud Laplanche is Back With a New Online Lender

Renaud-Laplanche-Lending-Club

Today we got a glimpse of what former Lending Club CEO Renaud Laplanche has been working on since he resigned from the company earlier this year.  The big news was first covered in this Wall Street Journal article and it appears as though he is building another online lending company.

While a lot of details are not known about the new company, here is what we do know:

  • The new company is called Credify Finance Corp and will be an online lending platform.
  • It is headquartered in San Francisco’s financial district and was incorporated on May 31, 2016.
  • Former Lending Club executives Jeff Bogan and Adelina Grozdanova are working with Renaud on the new venture.
  • Thomas Curran, who previously worked at Promontory Financial Group, a regulatory consulting firm and at the Treasury Department’s capital-purchase program, is serving as Credify’s compliance officer.
  • The company hopes to begin extending credit in 2017 with estimated revenues of $50 million.

No one has played a bigger role than Renaud in shaping the course of online lending over the past decade so I think it is a real positive that he is staying in the industry. What will be most interesting is to see how the company will differ from Lending Club now that Renaud is able to build a company from scratch with all the knowledge he has gained from his decade leading the industry.

We reached out to Renaud but he declined to make an official comment for this story.

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Sara
Sara
Nov. 16, 2016 3:23 pm

He didn’t resigned. He was fired. The clueless, if not corrupt Board, asleep at the wheel again not having a non-compete. AMAZING.

Jim O'Leary
Jim O'Leary
Nov. 16, 2016 6:43 pm
Reply to  Sara

The man has a lot of moxy. I thought he was under investigation by the justice department.

Hot Karl
Hot Karl
Nov. 16, 2016 7:43 pm

Happy for Renauld and company and hope Credify avoids the falsifying of documents that led them to this predicament. However, one of Warren Buffett’s old adages sticks out to me:

“Somebody once said that in looking for people to hire, you look for three qualities: integrity, intelligence, and energy. And if you don’t have the first, the other two will kill you.”

Robert Magill
Nov. 17, 2016 9:42 am

Laplanche will be wise to not include Larry Summers on his new board. But then Summers may be up to his knees in the Syrian oil he’s got on tap at the Golan Heights. Happy war, Larry.

Andrew N
Andrew N
Nov. 17, 2016 11:44 am

I would not invest with any company employing Laplanche.