In a downturn, some fintechs, such as independent lenders, will be more vulnerable to economic forces than those working to service banks' regulatory needs.
Rather than receiving a lump-sum payment from the online lender, borrowers can now choose to have the proceeds of a debt consolidation loan sent to the companies they owe.
The San Francisco-based online lender, which has recorded nearly $450 million in losses since 2016, is taking aggressive steps to achieve adjusted profitability later this year.
The online consumer lender trimmed its losses in the fourth quarter and says an adjusted, non-GAAP metric suggests it's on the path to getting out of the red later this year.
As the consumer lender announced its seventh consecutive profitable quarter, its CEO bragged that his company is better positioned than the likes of Goldman Sachs and LendingClub.
The online lender will roll out its first new product in 12 years, a home equity line of credit. But it's taking a different approach than with its original offering.
The San Francisco company, which has racked up big losses over the last two and a half years, signaled Tuesday that it is on a path to profitability after resolving a series of longstanding regulatory problems.
Despite being barred from the securities industry by the SEC, LendingClub’s founder has found plenty of people to back his latest venture — and that’s a problem.