Upgrade has launched for consumer lending; Lend Academy provides details on the platform's fundraising, lending criteria and lending structure; Renaud Laplanche has raised $60 million for the new company; its loans will focus on high credit quality borrowers with low debt-to-income and minimum monthly free cash flow of $1,000; loans range from $2,000 to $50,000; the platform will be partnering with WebBank for loan originations and will then acquire the loans and sell them to institutional investors with some portion of the loans retained on the firm's balance sheet. Source
In his interview with AltFi, Laplanche reflects on his experience at LendingClub and how that has helped him shape his...
Last month we learned about the new $30 million investment received by Upgrade from the Portuguese digital bank Banco BNI...
Business Insider interviewed Renaud Laplanche last week at LendIt Europe; on his exit from Lending Club, Laplanche stated, “It was very, very frustrating. I'm not commenting on the story, but the best way to actually understand what really happened is to read the filings. I think the press made it sound a lot worse, a lot more sensational, than it really was.”; he is taking what he learned from building Lending Club and applying it to his new company Upgrade; Laplanche stated that he hopes to launch a new product each year with possible expansion into mortgages, auto loans, credit cards, home equity and lines of credit. Source
Ping An pushes into Indonesia’s fintech space In strategic shift, TIAA to close dozens of mortgage offices Orca launches industry-wide...
SuperMoney reviews the new US consumer lending platform founded by Renaud Laplanche; firm is an online lender focused on personal loans, also offering consumer credit monitoring and education for its customers with benefits for high quality borrowers; SuperMoney outlines the platform's underwriting standards, application process, and pros and cons versus competitors. Source
Renaud Laplanche has announced the launch of a new online consumer lending platform called Upgrade; the firm's investors include Apoletto, CreditEase, FirstMark Capital, Noah Holdings, Ribbit Capital, Sands Capital Ventures, Silicon Valley Bank, Union Square Ventures, Uprising and Vy Capital; the firm will partner with WebBank for loan originations and plans to sell its loans to institutional investors; it is working with Jefferies on its capital markets strategy and a loan securitization program; the firm also has plans to use blockchain for data management and transactions. Source
Renaud Laplanche's new consumer lending platform, Upgrade, has announced a new executive hire; John Dye will be joining the executive team as general counsel; John brings experience from Western Union and has also worked at Freddie Mac, Citigroup and Salomon Smith Barney; John Dye will support the firm's legal, compliance and regulatory operations; he is joined by Louis Shansky who has also been hired as deputy counsel. Source
In his first public appearance in over a year Renaud Laplanche, the CEO of Upgrade, gave a presentation this past...
When Renaud Laplanche started Upgrade in 2017 there were high expectations that the fintech pioneer would be breaking new ground...