Scott Sanborn, CEO of LendingClub
Ari Levy | CNBC
LendingClub had been left for dead.
Shares of the fintech pioneer had stagnated for years after the 2016 ouster of its co-founder Renaud Laplanche, trading under $5 per share as recently as July 2020.
But LendingClub, which offers online personal loans so users can pay down credit card debt, is in the midst of a renaissance.
The company’s decision to purchase an FDIC-backed bank in early 2020 has reduced costs and created new sources of revenue, a transformation that CEO Scott Sanborn says is still in its early stages. LendingClub’s shares have rebounded by about 380% in the past 12 months as the company exceeded analysts’ estimates for three straight quarters.
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