Hi 5! The top five fintech stories we’re following today

top 5 weekly fintech stories

Digital wallets: lacking growth, getting creative

Accenture’s recent report that POS digital payments haven’t grown at all confirmed what we already knew — namely, the technology is ready, but users aren’t. Still, there’s some movement on the mobile payment horizon. Apple is making a conscious effort to get users comfortable using Apple Pay in ecommerce, and not just in retail. Meanwhile, Walmart’s isn’t twiddling its thumbs, and is now in talks to integrate other digital wallet options into its newly launched retail app.

Online lending’s blurred lines

We’re sometimes quick to draw distinctions between the incumbents and the upstarts. But in online lending, things are getting a bit blurred. A new partnership between Fannie Mae and SoFi shows how fintech partnerships can work. Partnering is starting to look more and more attractive, given that OnDeck is primarily using its own balance sheet to fund growing originations, while Lending Club investors continue to shrug off more losses.

What will those incumbents think of next?

Incumbents partner up with fintechs, they acquire them, they launch innovation labs, and sometimes they do what Bank Leumi did — disrupt itself from within with its new digital bank, Pepper.

Industry leaders share insights on success and fintech trends

It’s rare that fintech CEOs get the chance to really open up about the challenges and delights of their jobs. Tradestreaming’s smooth-talking Josh Liggett got them to share their CEO highs and lows. Other industry experts spoke of the major trends they see impacting fintech and finance.

Software, APIs, and SDKs

If you want to see just how banks, with more open systems and established software connectors, can evolve, here are 7 examples showing the power of banking APIs. Citi is one of the more recent incumbents to join the API fray with its new global API developer hub. In payments, CardFlight chose not to reinvent the wheel. The company built its tech on top of existing payment infrastructure, rather than building out something new. And finally, WTF are SDKs, and why you should care.

 

Can better products and lending practices heal marketplace lending’s hangover?

The tide is waning for marketplace lending. As Warren Buffet once said, we are now about to see who has been swimming naked.  However, contrary to panicked media reports, the industry is not in danger. It is just dealing with a hangover.

Marketplace lenders experienced incredible growth since 2010, with annual origination volumes on Lending Club and Prosper – the 2 largest marketplace lenders — rising from $153 million in 2010 to over $12 billion in 2015.

In 2016, the trend reversed. For Lending Club, total originations for Q2 2016 came in at $1.96 billion, down from a peak of $2.75 billion in Q1. In 2Q15, Prosper reported a steep decline of over 50% in originations compared to same period a year before.

Marketplace lenders are trying to explain the change. “The decreases above are the result of a number of our largest investors that have paused or significantly reduced their purchases of whole loans through Prosper’s marketplace,” the company stated in its recent quarterly report. It promised to take steps to increase available capital by increasing the interest rates on loans, launching a new line of asset management products and improving the retail investor experience.

The hype can be clearly seen in PwC’s DeNovo quarterly report, which tracks fintech trends. Marketplace lending was the top trend for the first three quarters in 2015, but dropped to the second-largest trend in 4Q15. In 1Q16, the industry did not even make the top 10.

“Back in late 2015 everyone was getting into the space, and there was too much optimism” said James Wu, founder and CEO of Monja, a marketplace lending analytics company. Now, he adds, smarter investors are looking at data more carefully and can generate better returns. “From our own analysis, we see some of the returns for platforms are better than they have been in the last 24 months. 2015 was a great year for platforms, but from an investment perspective, the returns were low.”

According to Wu, an excess of funding in 2015 caused marketplace lenders to desperately look to expand their borrower base, venturing into lower tiers of credit, pushed by aggressive marketing techniques like direct mailing.

The repercussions of such action are now visible with a rise in delinquencies and a damning report from Moody’s questioning the viability of the asset class. “Investor overreacted to that news,” said Wu, adding that the 2015 vintages are hurting current performance, overshadowing newer and better vintages that will generate long term growth and returns for investors.

Though each platform comes with a built in set of analytics tools that allow investors to select loans according to their risk appetite, third party analytics companies, such as Monja or Orchard, can give investors the ability to work across multiple platforms and provide deeper insight into the sources of excess returns. Such strategies are of course harder than dumping money into all platforms as some investors did a year ago.

Unlike other sources of capital, securitizations of marketplace loans are trending upwards, topping $1.7 billion according to PeerIQ, and will probably become a more substantial source of capital for marketplace lenders. This, however, is a far cry from marketplace lending’s P2P origins.

Marketplace lenders are at a crossroads. The resulting shakeout, however, might prove to be beneficial to the market.

“Investors are getting more realistic about returns, and platforms are getting more realistic about what they can get away with. They need to come back and offer products that are compelling for investors,” Wu concluded.

5 surprising things you probably didn’t know about LendingClub

Surprising things about LendingClub

Investors were left licking their wounds as LendingClub dropped like a rock boulder last week. That’s when news got out that the firm’s CEO was leaving. The company explained away Renaud Laplanche’s departure with 2 reasons: 1) a mispricing/mislableing of a series of loans sold to Jeffries and 2) an undisclosed equity position in a fund buying LendingClub loans after LendingClub itself invested in said fund.

Last week, we described and summarized much of the fuss going on at LendingClub. As the public is internalizing the news, the media is left trying to really understand what happened.

Here are some surprising things about LendingClub that are worth noting:

lending club loan drones
via Crowdfund Insider

1) LendingClub was testing loan drones – seriously? The company was rumored to be testing a loan drone — an unmanned aerial vehicle. The idea was that a remote-controlled vehicle like this could deliver wads of cash to borrowers directly to their homes within minutes or hours after being approved for a loan. Seriously?! Well, the firm’s (now ex-) CEO displayed a panache for this type of spectacle when he helicoptered in cash on attendees using a similar device at the Lendit Conference last year.

2) Jim Chanos, who called Enron, was short the stock: Jim Chanos, who predicted energy trader Enron’s collapse, just happened to be short LendingClub stock when it cratered. When interviewed why he was betting against the company, Chanos famously said, “We had problems with the model.” With the stock down close to 50% in just the last 30 days, we’re left wondering whether Chanos has closed out his trade or if he continues to see further downside to the shares.

3) Did an investor rat LendingClub out to the Department of Justice? The firm received a DoJ grand jury subpoena on May 9th, according to the company’s earnings report, the same day that the company announced the resignation of its CEO. Sean Murray found this to be funny timing because essentially, in spite of the best explanations the company gave regarding Laplanche’s exit, there still doesn’t seem to be a smoking gun. He conjectures that the triggering of the legal interest in LendingClub could have come from an investor (in this case, Jeffries itself) that tipped off the Department of Justice.

4) What’s LendingClub going to do now, buy back shares? The leading marketplace lender has been through a lot. With its back up against the wall, Gillian Tan analyzes the firm’s best options. While there may be some suitors out there looking to acquire the leading player in marketplace lending, she doesn’t think that will happen just yet. Instead, expect the firm to put to use the $600+ million it has in the bank to buy back its shares at currently distressed prices.

Even if the company decides that going alone isn’t its optimal strategy, a buyback may make sense. “Such a move would further reduce the number of LendingClub shares on issue, meaning that if the board decided a sale was the best option for the company, potential suitors would be compelled into paying a higher premium for its equity, ” she wrote.

5) Lending Club’s sailboat racing program set records
Lending Club’s second boat (there are 2?!), a 105 foot trimaran named Lending Club 2, broke a world speed sailing record in 2015 when it sailed across the English Channel from Cowes to Dinar. It took Renaud Laplanche’s crew 5 hours and 15 minutes, traveling at an average speed of 26.36 knots, to complete the race, beating the previous record of 5 hours 23 minutes rather handily. The team apparently beat another record, traveling from Newport to Bermuda in 23 hours and 9 minutes. It’s possible Laplanche picked up his penchant for sailing when he sold his last company to Larry Ellison’s Oracle — famous for their racing exploits.

Perhaps if the company ran as tight a crew on shore as it does on the water, it would still be smooth sailing for the leading marketplace lender.

Image from LendingClub

4 essential presentations on marketplace lending

best presentations for marketplace lending

Marketplace lending is rapidly evolving. From its startup roots, the industry is maturing along the lines of other robust lending industries: that is to say, the volumes of originations are ramping and securitizations — the packaging of pools of marketplace loans into securities and selling them off to institutional investors — are underway.

Interested in learning more about the industry? Tradestreaming has compiled an A-list of some of the best presentations and slideshares on marketplace lending. From the beginner to the advanced, these marketplace lending presentations have something to offer everyone.

Marketplace Lending: Evolution of an asset class

Author: Ron Suber (President of Prosper)

Prosper was a pioneer in the US in peer to peer loans. The model has changed as institutional capital has been injected into the industry, but it’s also meant that the industry has grown up a bit. Ron Suber, Prosper’s President, has been a major player in the maturation process that’s seen the industry grow from nothing in 2006 to an expected $122 billion in origination by 2020. Suber’s presentation, delivered at the LendIt Conference, does a great job describing where marketplace lending came from and where Suber and Prosper believe it’s headed.

A trillion dollar market by the people, for the people

By: Charles Moldow (Foundation Capital)

Charles Moldow, of Foundation Capital, is considered one of the most influential investors in the marketplace lending space (you can hear an interview Tradestreaming conducted with Moldow). In fact, he’s credited with coming up with the new name for the industry — marketplace lending — replacing P2P lending, which is how the industry began. In this presentation, Moldow, who was an early investor in Lending Club, lays out the early thesis behind investing in the industry and shows the revenue production possible if marketplace lending is successful in just capturing a small percentage of lending business from the banks. Indeed, he believes that marketplace lending can grow to be a trillion dollar industry.

Transforming the banking system into an online marketplace

By: Renaud Laplanche (Lending Club founder, CEO)

As Lending Club became the first consumer marketplace lender to hit public markets, its CEO and founder, Renaud Laplanche has become kind of a de-facto spokesperson for the industry. This presentation, delivered at the 2014 LendIt conference focuses on how the banking industry hasn’t enjoyed many of the same efficiency gains other industries saw in the era of the internet. Laplanche demonstrates how marketplace lending can replace some of the core functions of the banking sector, and in doing so, provide a solid product to market participants and make a lot of money.

Why marketplace lending is better

By: Samir Desai (Funding Circle)

While the other presentations have focused on consumer lending on marketplace lending platforms, Funding Circle’s founder, Samir Desai’s video, from Lending Europe 2015, describes his firm’s opportunity in SMB lending. Funding Circle is the leader in this type of marketplace lending globally. This video delves into not just what marketplace lending is, but why it can be seen as better than traditional models. Desai describes how his platform matches supply and demand and how a marketplace lender should be fundamentally less risky than a traditional balance sheet lender.

 

 

Is the marketplace lending industry in trouble? Here’s what we know.

what's going on with marketplace lending

There’s been a lot of chatter recently about the state of the marketplace lending industry. Unfortunately, it’s been a little noisy, as both positive and negative data points have been released.

Here’s what we now know:

On the negative side

Demand dropping for marketplace loans, marketing efforts curtailed: Growth is slowing and that’s because the appetite for marketplace loans is dropping. Some platforms have seen loan volume drop over 20% from Q3 to Q4 of 2015. The first quarter of 2016 doesn’t look to be any better. The marketplace lenders are responding by dialing back their marketing efforts. If the Fall of 2015 was a bull market for the advertising of marketplace lending products, the market now appears to be pulling back. Lending platforms are throttling the volume of direct marketing postal pieces they’re sending to potential borrowers.

According to the WSJ, Avant, for example, cut the number of loan offers it mailed to customers by nearly two-thirds, from 4.6 million to 1.7 million, between December and February. This will have a big impact on revenue growth — if direct mailing was the gas in the origination tank, the industry will have make do with less going forward.

Today or tomorrow, regulation is coming: In March of this year, the Consumer Financial Protection Bureau (CFPB) began accepting consumer complaints against marketplace lenders. Right now, though loan standards at marketplace lenders are proscribed like any other entity that offers loans, there isn’t any single regulatory body or set of regulation that governs the marketplace lending industry. Most experts expect that to change and there’s a growing feeling that it will be sooner, rather than later. The newly announced Marketplace Lending Association appears to be an attempt by industry participants to create momentum behind self-policing, at least in the interim, to stave off initial regulatory attempts. More regulation could lead to more compliance costs and tighter lender criteria, squeezing revenues and profits for the platforms.

Lower end of credit spectrum deteriorating: It feels like the consumer economy is beginning to roll over. This will test marketplace lenders’ credit models in a way this young industry, which came of age after the 2007-2008 credit crisis, hasn’t yet been tested. Cracks are beginning to form: alarmingly, the lower end of the credit spectrum for marketplace borrowers is deteriorating. Higher quality loans look to be relatively stable but charge-offs on the lower quality spectrum are significantly above historical norms.

ranking the largest marketplace lenders
from the NYT

On the positive side

More institutional investors are entering the space: A recent survey conducted by Richards Kibbe & Orbe and Wharton FinTech polled 300 institutional investors in the U.S. The results of the 2016 Survey of U.S. Marketplace Lending showed that half of all investors have some exposure to the marketplace lending industry. That’s up from 2015 numbers which showed less than 30% of investors were active in the space. More institutional liquidity means more loans get funded.

Debt market slowly forming: There’s another sign that the marketplace lending industry is maturing — securitization of loan portfolios. As loan markets mature, new investors step in after the originators to invest in portfolios of loans. That’s beginning to happen. In the last three months of 2015 alone, there were 9 such deals for a total of $2.7 billion in the U.S. market, more than five times the dollar-value of the same time period in 2014, according to PeerIQ.

Platforms trying to encourage more balance between retail and institutional investors: There are signs that marketplace lenders want to reduce their dependency on institutional capital. Mom and pop investors account for around 20% of the investment capital on LendingClub’s platform. And according to the FT, the retail channel has grown at a respectable 61% over the past three years, while institutional lenders (including managed funds and family offices) have gone up at more than twice that rate. There’s reason to believe that this capital is encouraging marketplace lenders to aggressively expand by relaxing lending standards. Balancing the investor mix would make these firms more resilient in a poor market environment.

Marketplace lending association forming: In response to concern about the introduction of more sweeping regulation of the marketplace lending industry, some of the largest online lenders announced they were forming a marketplace lending industry trade group. The three founding members of the Marketplace Lending Association were LendingClub, Prosper, and Funding Circle. If the industry is going to continue growing at a fast clip, the thinking goes, there will need to be a unified body to help counterbalance plans to regulate by speaking of one voice.

Lending Club’s founder and CEO, Renaud Laplance spoke at an industry-wide conference this week in part, to allay participants’ growing fears that something is afoot. He addressed concerns about regulation by explaining that there is actually a significant amount of legacy policy that covers the marketplace lending industry.

Further, in his estimation, there’s no need to worry — the industry is doing just fine. It’s just a matter of perspective.

“If you look at online travel, the music industry, you look at the video industry, and you look at the adoption phase over the first decade, you see that roughly 44% of customers adopt new products and switch from the incumbent within first decade,” Laplanche spoke at the Lendit 2016 conference. “If we follow this metric through with the first product that was launched in this industry – the first segment was launched about 8 years ago, the personal loan– about 24% were originated through [marketplace] platforms. So we’re right where we should be in terms of adoption curve.”

[podcast] Canaan Partners’ Dan Ciporin on investing in marketplace lending

interview with fintech investor, Dan Ciporin

We’ve explored various themes on investing in financial technology on this show.

We’ve interviewed Caribou Honig at QED Investors. We’ve also spoken to to Foundation Capital’s Charles Moldow.

Dan Ciporin on investing in fintech
Dan Ciporin, Canaan Partners

If you were to put together an all-star team of fintech investors, you’d also want to include Dan Ciporin from Canaan Partners. He was the first institutional investor in Lending Club and has a portfolio that includes CircleUp, Orchard, borro, and direct match. You can see the marketplace finance and marketplace lending theme played out in his investments.

Dan joins us on this week’s episode of the Tradestreaming Podcast. We talk about a variety of different things: first and foremost, we talk about his investments, why he made them, and what he’s looking at investing in in the future. We talk about his background — how being the CEO of Shopping.com and selling it to eBay and his previous experience at MasterCard influenced his perspective on consumer credit and its investability.

It’s a great episode and glad you’ve joined us. Now, here’s our interview with Dan Ciporin of Canaan Partners.

Listen to the FULL episode

In this episode, Dan shares:

  • why fintech is just at the beginning stages of opportunity
  • what it will take for finance to catch up with other industries online and digital
  • what it takes to disrupt the way people and institutions conduct financial services
  • why he likes marketplace lending and consumer lending, in particular
  • what he saw in Lending Club when he became the first institutional investor in the marketplace lender in 2007
  • why public markets don’t fully understand Lending Club or marketplace finance
  • where he’s looking to invest new money within financial services
  • how Dan’s experience running the debit group at MasterCard and his CEO experience IPO’ing Shopping.com influences his investment philosophy

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JPMorgan: King of the online lending ball names his queen, launching OnDeck stock

JPMorgan partners with OnDeck

Online lenders have an issue (especially the publicly traded ones, like OnDeck Capital ($ONDK) and Lending Club ($LC)). They may have come from nowhere over the past couple of years to be presently underwriting billions of dollars of loans a year. But this growth comes at a price, as borrower acquisition is proving to be quite expensive.

A recent WSJ article described how the marketplace lenders (in this case, Lending Club and Prosper) are resorting to old-school direct marketing techniques, sending millions of monthly offers via the postal service, to feed their appetite for loan acquisition. Efi Pylarinou conducted an interesting analysis this week that demonstrated that for the short term, at least, customer acquisition costs (CAC) for the online lenders should outstrip their margins.

Partnerships between bank and online lender are win-win

So, to grow profitably, the publicly traded online lenders (private ones aren’t subject to this level of transparency) must find a more efficient way to onboard new borrowers at scale. One immediate way to do this is via partnerships. Large institutions who own the relationships with individuals (personal loans) or SMBs (business loans) but are not yet in the online lending space are looking to make build/buy decisions right now. In rolling out their own online lending offerings, these incumbent financial institutions have to build their own platforms or partner with existing online lenders and leverage their technology platforms.

Partnerships like these have the potential to significantly benefit both incumbent and startup. A partnership enables a large bank to launch quicker, leveraging the operations and technologies of a partner. The younger online lender brings its technology to the party and gets a partner who is going to take care of borrower acquisition — the partner already owns the relationships.

OnDeck stock jumps on JPMorgan partnership
OnDeck stock jumps on JPMorgan partnership

JPMorgan is the crown jewel of these types of partnerships. It’s a massive financial institution, owns retail and business banking relationships and doesn’t have its own online lending platform in the market, yet. So, just a slight mention of a potential partnership yesterday by the bank’s CEO, Jamie Dimon, at a Washington panel was enough to send OnDeck’s stock tanking almost 10% on the day. It was assumed at the time that the partnership would go to Lending Club as there was some speculation JPM would buy LC at some point. But that never materialized — so when it came to a potential partnership, speculation was rife that it would go to LC, sending LC stock up nearly 6% on the day.

But a funny thing happened later last night: JPMorgan announced it was partnering up with OnDeck instead. Today, ONDK soared +30% on the back of the news, picking up an upgrade and price target hikes along the way. According to the WSJ, here’s the early look of the partnership:

Many details of the arrangement still need to be worked out, but the loans will be marketed under the brand of J.P. Morgan Chase and reside on the bank’s balance sheet, according to a person familiar with the matter. That would make OnDeck more of a technology vendor for the bank than a lending partner.

Of course, this is big news for the upstart online lender and there’s still longer-term risk that JPM uses the partnership to enter the market while it continues to build its own platform. But for the time being, JPMorgan has indeed chosen his queen.

Photo credit: mark sebastian / VisualHunt / CC BY-SA

In today’s market, is everyone an online lender?

hedgeable podcast

How do you compete when everyone’s an online lender?

The interest surrounding online lending has seen hundreds of millions billions of dollars (debt and equity) being poured into the space. In fact, the amount of money raised by US online lending startups through Q3 2015 was greater than all of 2014. Most of this capital has gone to pureplay startups — like $275M to Earnest, for example) to build out their technology stacks. Marketplace lenders have raised huge amounts of capital — from both the private and public markets — to attempt to get a foothold in the massive lending market. Online balance sheet lenders are participating heavily here, as well.

But that’s not all that’s happening. Ecommerce firms, without a traditional focus on finance, are getting into the action. PayPal just announced it had surpassed $1 billion in working capital it extended to its merchants. Amazon is expanding its lending program to sellers in multiple countries around the world. Chinese ecommerce sites and social networks and now, with Baidu getting into the game, a search engine, are providing financial services. And there are smart investors like Blue Elephant’s Brian Weinstein providing capital to get access to these new channels of finance.

So what does the market look like when everyone turns into an online lender?

 

Banks being disrupted…by search engines?

banks being disrupted by search engine

Traditional banks are finding out new competition lurks everywhere.

Pureplay startups like marketplace lenders, Lending Club and Prosper are originating billions of dollars of loans every quarter. Though volumes are small compared to total SMB outstanding loans (which in 2013 stood at $585 billion), some banks are turning to the marketplace lenders to buy loans, opting to partner instead of compete.

This move towards alternative lending, core to banking services, isn’t just a US phenomenon. Funding Circle, another leader among the current class of startup online lenders, has global aspirations.

Funding Circle’s co-founder, Sam Hodges recently explained to  Tradestreaming:

Our vision for Funding Circle is as a global lending exchange, where business from all over the world come to find finance from an army of investors, big and small. Small businesses are underserved in most of parts of the world, and we believe our marketplace model can help millions of businesses and investors to get a better deal. At the moment, we are focusing all of our energy on building a successful business here in the UK, USA and Europe.

There are high hopes for marketplace lending. Some investors, like Foundation Capital’s Charles Moldow, are betting on the market, between cannibalization and traditional banks moving into marketplace lending themselves, can grow to be a trillion dollars.

From banks to ecommerce platform

It’s not just marketplace lenders taking aim at banks. Traditional ecommerce players want in, too. Amazon is offering loans to handpicked sellers on goods on its ecommerce platform.

Like marketplace lending, ecommerce firms entering financial services isnt’ just happening in the US: PayPal’s Working Capital loans for small businesses has lent more than $1 billion to over 60,000 small businesses in the U.S., U.K. and Australia. Alibaba, the giant Chinese ecommerce platform, launched a money market fund for sellers to store their working capital. Within just 10 months, the fund, called Yu’e Bao had more than $90 billion in short term capital. That’s money that used to be kept in banks.

Search engines becoming lenders

On the heels of Alibaba’s success in money markets, Chinese search engine Baidu appears ready to launch its own banking solution. Looking to avoid some of the regulatory commotion around Alibaba’s own financial service offering, Baidu intends to partner with Citic, the 7th largest Chinese bank with 600 physical locations.

While Google got out of the direct lending business to its advertisers, it is now running a pilot with Lending Club. The marketplace lender is offering advertisers on Google a loan to fund their AdWords campaigns.

The nature of banking is changing and therefore, the players leading the charge are rearranging themselves. [x_pullquote cite=”TechCrunch” type=”right”]This year, over $11 billion has been invested in financial technology services companies. That’s up over $5 billion from the previous year, and the highest amount invested into financial services technology companies in the past five years[/x_pullquote]Pureplay lenders are filling an important role and ecommerce platforms have found a way to offer financing to some of their best customers. As this plays out, there are more companies popping up to help banks compete. Firms like LendKey provide banks with the tools, technology, and process optimization employed by nimble tech startups. More companies keep launching to help make the banking sector more competitive to the demands placed on them by consumers who are demanding the same speed, transparency, and service commonplace in other industries disrupted by technology.

This opportunity hasn’t been lost on investors, who are pouring money into alternative financing businesses. Lending Club and OnDeck both had well-received IPOs that gave the companies billion dollar marketcaps.

In 2015, there’s been hundreds of millions of dollars invested into alternative lenders. Just this week, alt lender Earnest announced a round of $275 million (equity and debt).

 

Regulation and branding will assure that banks aren’t going away but it’s getting more complicated to compete in core banking services. Direct competitors are emerging to challenge banks head on while others, like ecommerce players, are indirectly competing indirectly with them. Through general growth, partnerships, and some disruption, the banking industry is quickly evolving.

[x_author title=”About the Author”]

Creating a new asset class of personal loans — with Lending Club’s Scott Sanborn

In 2012, Renaud Laplanche, founder and CEO of Lending Club, joined me on the Tradestreaming Podcast.

So much has happened in the peer to peer lending space since then (including the fact that they no longer call it “peer to peer”): Lending Club just surpassed $4 billion in underwritings, rolled out business loans in addition to personal, and filed for IPO.

Chief Marketing Officer, Scott Sanborn joins me, Zack Miller, on the Tradestreaming Podcast to discuss why investors are flocking to Lending Club and where his business will go in the near future.

Listen to the FULL episode

About Scott Sanborn

scott sanborn lending clubScott is the Chief Marketing Officer and Chief Operating Officer of Lending Club.

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