LendingClub Corporation

LendingClub was founded in 2007 by Renaud Laplanche, a French entrepreneur who previously founded TripleHop Technologies. Laplanche served as CEO until 2016, when he stepped down following a regulatory investigation into the company's loan practices.

LendingClub earns transaction fees from borrowers (origination fees) and from investors (service fees). It also generates net interest income from loans it holds on its balance sheet and, since acquiring Radius Bank, from deposit products.

Yes. In January 2021, LendingClub completed its acquisition of Radius Bank, a nationally chartered bank, and now operates as LendingClub Bank, N.A. This gives it a bank charter and the ability to accept deposits, offer checking and savings accounts, and issue FDIC-insured CDs.

The firm primarily offers unsecured personal loans (up to $60,000) for debt consolidation, credit card paydown, and other personal expenses. It also offers auto loan refinancing and, through its bank, provides consumer deposit products including checking, savings, and CDs.

Institutional investors — including banks, asset managers, hedge funds, and insurance companies — purchase loan notes through the LendingClub marketplace. Individual investors can also participate through the firm's retail platform, though institutional capital accounts for the majority of funding.