SAN FRANCISCO, Oct. 10, 2019 /PRNewswire/ -- LendingClub
Corporation (NYSE: LC), America's largest online marketplace
connecting borrowers and investors, today announced the launch of
LCX, a first-of-its-kind electronic marketplace designed to connect
a broader array of institutional investors to its new digital
platform.
LCX delivers dynamic pricing and same day settlement of fully
funded whole loans. It continues to unlock the power of the
marketplace model by reducing friction in the settlement process,
from several weeks to a single day, and allowing faster deployment
of capital.
The new platform also offers additional real-time insights on
demand at the loan level, and provides the initial infrastructure
needed for the development of a secondary market that will improve
liquidity and value for this mainstream asset class. This
combination of speed, access and transparency represents a
substantial innovation in consumer loan transaction technology.
"This is a huge step forward in the evolution of unsecured
consumer loans as an asset class," said Valerie Kay, Chief Capital Officer of
LendingClub. "LCX joins other LendingClub innovations such as CLUB
Certificates and the Select Plus Platform to offer new industry
leading products that meet the needs of our growing and diverse
investor base."
"As an early adopter of innovative financial technology, we're
thrilled to be one of LendingClub's pilot partners as they continue
to deliver new ways to access consumer credit," said Elliott Lorenz, CEO and Co-Founder of Edge Focus
Partners. "This is a great example of LendingClub listening to and
building new solutions for its investors who want dynamic pricing
and faster, easier ways to deploy capital. A natural evolution of
any asset class is enhanced liquidity through secondary markets and
this is a major step in that direction."
LCX is the latest release of LendingClub's industry leading
marketplace platform building off the recent announcement of its
Select Plus platform. LendingClub now offers loans to institutional
investors through four platforms, including Scale, Select, Select
Plus and LCX. LendingClub launched its Scale and Select Platform in
2017. LendingClub's Select platform makes it easy for investors to
individually select loans based on their own detailed loan
criteria. LendingClub's Scale platform allows institutional
investors to choose across a broad range of loans at the grade and
term level and has led to other LendingClub innovations, such as
CLUB Certificates and its securitization program. To learn more
about the company, visit www.lendingclub.com.
About LendingClub:
LendingClub was founded to transform the banking system to make
credit more affordable and investing more rewarding. Today,
LendingClub's online credit marketplace connects borrowers and
investors to deliver more efficient and affordable access to
credit. Through its technology platform, LendingClub is able to
create cost efficiencies, and passes those savings on to borrowers
in the form of lower rates and to investors in the form of
potentially higher risk-adjusted returns. LendingClub is based in
San Francisco, California. All
loans are made by federally regulated issuing bank partners. More
information is available at https://www.lendingclub.com
Safe Harbor Statement
Some of the statements above, including statements regarding
anticipated product innovation, performance, functionality and
benefits, are "forward-looking statements." The words "anticipate,"
"believe," "estimate," "expect," "intend," "may," "outlook,"
"plan," "predict," "project," "will," "would" and similar
expressions may identify forward-looking statements, although not
all forward-looking statements contain these identifying words.
Factors that could cause actual results to differ materially from
those contemplated by these forward-looking statements include
those factors set forth in the section titled "Risk Factors" in our
most recent Quarterly Report on Form 10-Q and Annual Report on Form
10-K, each as filed with the SEC. We may not actually achieve the
plans, intentions or expectations disclosed in forward-looking
statements, and you should not place undue reliance on
forward-looking statements. Actual results or events could differ
materially from the plans, intentions and expectations disclosed in
forward-looking statements. We do not assume any obligation to
update any forward-looking statements, whether as a result of new
information, future events or otherwise, except as required by
law.
Information in this publication is not an offer to sell
securities or the solicitation of an offer to buy securities, nor
shall there be any sale of securities in any jurisdiction in which
such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of such
jurisdiction.
Additional information about LendingClub is available in the
prospectus for LendingClub's notes, which can be obtained on
LendingClub's website at
https://www.lendingclub.com/info/prospectus.action.
CONTACT: For Investors: IR@lendingclub.com; Media Contact:
Press@lendingclub.com
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SOURCE LendingClub