LendingClub Hits Another Record for Originations
LendingClub’s Q3 earnings report yesterday revealed a record high in loan originations of $2.9 billion, up 18% compared to originations of $2.4 billion last year at the same time. Consequently, revenues increased, also to a record high of $184.6 million, up 20% year over year.
“The strength of our marketplace is enabling us to responsibly grow revenues and expand margins in a competitive and rising rate environment,” said LendingClub CEO Scott Sanborn. “Our strategy in execution is focused on borrower demand generation and conversion, broadening our investor base with products that meet their diverse needs and driving operating efficiency.”
The veteran online lending company has been growing steadily with originations of $2.8 billion in the second quarter of this year. Regulatory challenges, namely an April 2018 lawsuit filed against LendingClub by the FTC for misleading language to customers, seem to be resolving and have not impeded the company’s growth.
In October, Sanborn spoke at the Money 20/20 conference about the connection between financial health and physical health and LendingClub’s goal of trying to improve both for its customers.
“LendingClub wants to become America’s financial health club,” Anuj Nayar, Lending Club’s newly minted Financial Health Officer, told deBanked at Money 20/20. In his new role, Nayar, who also serves as head of communications, will communicate and try to affect better financial health.
Lending Club offers fixed rate business loans from $5,000 to $300,000 and personal loans of up to $40,000. The company also offers auto refinancing. Founded in 2007, Lending Club is headquartered in San Francisco and went public on the New York Stock Exchange in 2014.Last modified: November 7, 2018