Lending Club's Growth Story
In 2006, Renaud Laplanche looked at his credit card statement and realized that despite a great credit history, he would pay an 18 percent APR on his credit card balance, while his deposits at the same bank were earning less than one percent interest. Renaud began to understand just how inefficient the traditional banking industry is. He founded Lending Club on the premise that an online marketplace would offer an efficient and transparent experience for borrowers at lower operating costs, presenting a simple, low cost, convenient and beneficial alternative to both borrowers and investors.
In 2012, the platform reached a scale and stability that made it even more attractive to borrowers and investors. In 2014, the company’s $5.4 billion initial public offering was recognized as one of the top 10 U.S. based Internet IPOs of all time. Lending Club now has over 1,300 employees and has facilitated more than $13 billion in loans, and helped more than one million borrowers achieve their financial goals.