LendingClub's CEO Scott Sanborn Named 2022 Executive of the Year and LendingClub Awarded Top Consumer Lending Platform By LendIt Fintech

Rhea-AI Summary

On February 9, 2022, Scott Sanborn, CEO of LendingClub Corporation (NYSE: LC), was named 2022 Executive of the Year by LendIt Fintech. The company also received the award for Top Consumer Lending Platform. Under Sanborn's leadership, LendingClub has undergone significant transformation, achieving GAAP profitability in 2021 and recording a 157% revenue increase compared to 2020. The acquisition and integration of a bank and consolidation of loan services have bolstered membership growth, positioning LendingClub as a leading digital marketplace bank.

Positive

• CEO Scott Sanborn recognized as 2022 Executive of the Year.
• LendingClub awarded Top Consumer Lending Platform.
• Achieved GAAP profitability in 2021.
• Revenue increased by 157% compared to 2020.

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• None.

SAN FRANCISCO, Feb. 9, 2022 /PRNewswire/ -- Scott Sanborn, CEO of LendingClub Corporation (NYSE: LC), the parent company of LendingClub Bank, America's leading digital marketplace bank, has been named 2022 Executive of the Year and LendingClub was awarded Top Consumer Lending Platform by LendIt Fintech. LendIt Fintech, the world's leading fintech media company, unveiled the winners of its fifth annual LendIt Fintech Industry Awards on February 8, 2022.

"It feels great to be recognized for the hard work we've put in to transform our business model over the last few years," said Scott Sanborn, CEO of LendingClub. "As our recent quarterly and full year 2021 results have shown, our efforts are paying off. We're delivering the growth and innovation of a fintech along with the funding advantages of a bank and we're not done. We're building a new bank aligned with our customers' needs, a vision I first outlined at LendIt in 2017 that is now becoming a reality. I'm incredibly grateful to my team and our relentless pursuit to help our members on a path towards financial success."

Over the last year, LendingClub acquired and integrated the bank, consolidated its personal, auto refinance and purchase finance loans onto one origination platform and accelerated membership acquisition. Under Scott's leadership, the company achieved GAAP profitability during 2021 and revenue up 157% compared to 2020.

"A true trailblazer within fintech, Scott set lofty goals to transform LendingClub even before the pandemic and what he and his team have achieved to date is quite outstanding," said Bo Brustkern, LendIt Fintech Co-Founder and CEO. "We applaud their exceptional work and are excited to see what's ahead as the company continues to evolve into a multi-product, digital marketplace bank."

Scott Sanborn was selected as Executive of the Year from a prominent list of finalists which included Jennifer Tescher of the Financial Health Network, Steve Smith of Finicity, Jason Wilk of Dave, Prashant Fuloria of Fundbox, and Dave Girouard of Upstart. LendingClub was awarded Top Consumer Lending Platform from a list of fintechs that included Upstart, LendingPoint, Avant, Earnest, and Caribou. To see the full list of LendIt Fintech award winners, visit: https://www.lendit.com/nexus/2022/awards.

About LendingClub

LendingClub Corporation (NYSE: LC) is the parent company of LendingClub Bank, National Association, Member FDIC. LendingClub Bank is the leading digital marketplace bank in the U.S., where members can access a broad range of financial products and services designed to help them pay less when borrowing and earn more when saving. Based on more than 150 billion cells of data and over $70 billion in loans, our artificial intelligence-driven credit decisioning and machine-learning models are used across the customer lifecycle to expand seamless access to credit for our members, while generating compelling risk-adjusted returns for our loan investors. Since 2007, more than 3.9 million members have joined the Club to help reach their financial goals. For more information about LendingClub, visit https://www.lendingclub.com.

CONTACT:

For Investors: IR@lendingclub.com

Media Contact: Press@lendingclub.com

SOURCE LendingClub Corporation

 

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SOURCE LendingClub Corporation

FAQ

What recognition did LendingClub receive in February 2022?

LendingClub was awarded Top Consumer Lending Platform by LendIt Fintech.

Who is the CEO of LendingClub recognized in 2022?

Scott Sanborn was named the 2022 Executive of the Year.

What was LendingClub's revenue growth in 2021?

LendingClub's revenue grew by 157% compared to 2020.

When did LendingClub achieve GAAP profitability?

LendingClub achieved GAAP profitability during 2021.

What significant changes did LendingClub undergo recently?

LendingClub acquired and integrated a bank and consolidated its loan services.