For the uninitiated, last week the largest ever online lending conference was held in San Francisco – I am one of the co-founders of this event. We had 3,500 people from 49 different countries at the Marriott Marquis hotel, this was up from 2,500 people last year and less than 1,000 the year before when we were last in San Francisco. LendIt continues to mirror the growth of the online lending industry.
For the fourth year in a row the CEO and founder of Lending Club, Renaud Laplanche, opened proceedings with his morning keynote. He talked about marketplace lending’s next phase of growth – how we have moved from the era of rapid growth to one now of stabilization. He said that 24% of all personal loans issued in America last year were originated through an online marketplace. He talked about potential regulation and the fact that despite some negative press headlines regulators are in fact quite positive on this industry. He also shared that lending is showing the same trajectory as other industries such as music, travel and video that have been disrupted by new online players.
While we didn’t hear the typical big announcement from Lending Club this year Renaud shared that they would be making a major announcement of their entry into a new product category on June 13.