SAN FRANCISCO, Aug. 6, 2019 /PRNewswire/ -- LendingClub (NYSE: LC), America's largest online marketplace connecting borrowers and investors, today announced the launch of Select Plus Platform that opens up the LendingClub marketplace to sophisticated investors to identify opportunities to approve borrowers who fall outside the current criteria.
Last year, LendingClub received more than 14 million applications for loans originated by banks. This new custom program will reach those people across the credit spectrum who currently do not receive loan offers on the LendingClub platform because they fall outside of the existing criteria used by the bank lender. Select Plus allows investors to access new opportunities for potentially attractive risk adjusted returns, provides loan applicants with seamless access to credit within the company's current rate parameters and will increase LendingClub's customer base and the efficiency of its demand generation.
"This is a huge step forward in our evolution as we continue to unlock the power of the marketplace model to generate access and ultimately savings for borrowers by finding and matching the right capital sources with the right borrowers," said Valerie Kay, Chief Capital Officer of LendingClub. "The Select Plus Platform went from inception to execution in less than a year – a true testament to our speed in building new products that leverage our investor base to expand our borrower base."
Responding to demand for new structures and technologies that make it easier for a broader set of investors to participate in marketplace lending, Select Plus Platform joins other recent LendingClub innovations such as CLUB Certificates and Levered Certificates to provide access to the increasingly mainstream asset class of consumer lending.
The first investor using Select Plus will be Theorem Partners, LLC. "By integrating the Theorem Score, our credit investment model, with LendingClub's new Select Plus platform, LendingClub can now offer access to affordable credit to borrowers who would have previously been declined," said Hugh Edmundson, Theorem's Managing Partner. "We are excited about this initiative and that LendingClub's scale and expertise in demand generation will open up a path to financial health to more borrowers."
Since LendingClub's launch in 2007, it has facilitated billions of loans made by WebBank, member FDIC. A quarter of the loan volume over the entire history of the company occurred in 2018. To learn more about the company, visit www.lendingclub.com. All Select Plus Platform loans will be originated by WebBank.
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. More information is available at https://www.lendingclub.com
Some of the statements above, including statements regarding anticipated future product offerings and our ability to serve more borrowers, are "forward-looking statements." The words "anticipate," "believe," "may," "outlook," "plan," "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 LendingClub Corporation's most recent Quarterly Report on Form 10-Q and Annual Report on Form 10-K, each as filed with the SEC. 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.