Latest Lending Club News: Finextra Research

LendingClub cuts 225 jobs

P2P lending pioneer LendingClub is cutting its workforce by 14% - 225 employees - as it faces up to reduced demand for its loans.

16 January 2023

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LendingClub cuts 460 jobs as Covid-19 hits loan demand

P2P pioneer LendingClub is cutting around 30% of its workforce - 460 people - as it struggles with the "unprecedented effect" the Covid-19 pandemic is having on loan demand.

22 April 2020

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Online credit marketplace LendingClub acquires Radius Bank

P2P pioneer LendingClub is to become the first US fintech to acquire a bank, agreeing a $185 million deal for online-only Radius Bank.

19 February 2020

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Citi Ventures invests in Even Financial

Citi Ventures has co-led a $25 million funding round for Even Financial, the startup that uses an API to help banks find and connect with consumers via channel partners.

05 September 2019

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FTC charges Lending Club over 'no hidden fees' claim

Lending Club has been charged by the Federal Trade Commission with deceiving customers by promising "no hidden fees" and then taking money from their accounts without authorisation.

26 April 2018

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Ousted Lending Club CEO Laplanche launches rival platform

A year after being forced out of Lending Club, the firm's founder Renaud Laplanche is back with a new online lending platform and $60 million in financing.

06 April 2017

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High rate of defaults hit P2P lending sector

Investors in the peer to peer (P2P) lending sector have seen their returns suffer due to a high rate of borrower defaults among start-ups, reports the Wall Street Journal (WSJ).

20 February 2017

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Lending Club names new CEO; axes 179 jobs

Troubled marketplace lender Lending Club has appointed a new CEO and announced plans to axe 179 jobs - representing 12% of its workforce - as it bids to revive its fortunes following a turbulent two months.

28 June 2016

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Laplanche talks to investors about Lending Club takeover - Reuters

Former Lending Club CEO Renaud Laplanche, who was forced out of the company last month over a loans sale scandal, has been speaking to private equity firms and banks about raising money for a possible buyout of the online lender he co-founded, according to Reuters.

08 June 2016

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NYDFS subpoenas Lending Club over interest rates and fees - WSJ

Lending Club's woes continue, with New York state's financial services regulator joining the Justice Department in investigating the online loan marketplace, according to the Wall Street Journal.

19 May 2016

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Lending Club faces Justice Department probe

After its CEO was forced out over a loans sale scandal, Lending Club says that it is being investigated by the US Justice Department and admitted that investors are pulling back from debt purchases.

17 May 2016

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Lending Club CEO resigns after review into loan sales

Shares in Lending Club plunged in pre-market trading on news that chief executive and chairman Renaud Laplanche has quit after an internal review of loan sales to an investor.

09 May 2016

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