Press Release

LendingClub Launches First-of-Its-Kind Digital Loan Transaction Platform: LCX™

New technology innovation allows for competitive price discovery, same day settlement and improved liquidity for unsecured personal loans

Company Release - 10/10/2019 9:00 AM ET

SAN FRANCISCO, Oct. 10, 2019 /PRNewswire/ -- LendingClub Corporation (NYSE: LC), America's largest online marketplace connecting borrowers and investors, today announced the launch of LCX, a first-of-its-kind electronic marketplace designed to connect a broader array of institutional investors to its new digital platform.

Lending Club, the world's largest online marketplace connecting borrowers and investors. (PRNewsFoto/Lending Club) (PRNewsFoto/Lending Club)

LCX delivers dynamic pricing and same day settlement of fully funded whole loans. It continues to unlock the power of the marketplace model by reducing friction in the settlement process, from several weeks to a single day, and allowing faster deployment of capital.

The new platform also offers additional real-time insights on demand at the loan level, and provides the initial infrastructure needed for the development of a secondary market that will improve liquidity and value for this mainstream asset class. This combination of speed, access and transparency represents a substantial innovation in consumer loan transaction technology.

"This is a huge step forward in the evolution of unsecured consumer loans as an asset class," said Valerie Kay, Chief Capital Officer of LendingClub. "LCX joins other LendingClub innovations such as CLUB Certificates and the Select Plus Platform to offer new industry leading products that meet the needs of our growing and diverse investor base."

"As an early adopter of innovative financial technology, we're thrilled to be one of LendingClub's pilot partners as they continue to deliver new ways to access consumer credit," said Elliott Lorenz, CEO and Co-Founder of Edge Focus Partners. "This is a great example of LendingClub listening to and building new solutions for its investors who want dynamic pricing and faster, easier ways to deploy capital. A natural evolution of any asset class is enhanced liquidity through secondary markets and this is a major step in that direction."

LCX is the latest release of LendingClub's industry leading marketplace platform building off the recent announcement of its Select Plus platform. LendingClub now offers loans to institutional investors through four platforms, including Scale, Select, Select Plus and LCX. LendingClub launched its Scale and Select Platform in 2017. LendingClub's Select platform makes it easy for investors to individually select loans based on their own detailed loan criteria. LendingClub's Scale platform allows institutional investors to choose across a broad range of loans at the grade and term level and has led to other LendingClub innovations, such as CLUB Certificates and its securitization program. To learn more about the company, visit www.lendingclub.com.

About LendingClub:

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. All loans are made by federally regulated issuing bank partners. More information is available at https://www.lendingclub.com

Safe Harbor Statement

Some of the statements above, including statements regarding anticipated product innovation, performance, functionality and benefits, are "forward-looking statements." The words "anticipate," "believe," "estimate," "expect," "intend," "may," "outlook," "plan," "predict," "project," "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 our most recent Quarterly Report on Form 10-Q and Annual Report on Form 10-K, each as filed with the SEC. We may not actually achieve the plans, intentions or expectations disclosed in forward-looking statements, and you should not place undue reliance on forward-looking statements. 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.

Information in this publication is not an offer to sell securities or the solicitation of an offer to buy securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.

Additional information about LendingClub is available in the prospectus for LendingClub's notes, which can be obtained on LendingClub's website at https://www.lendingclub.com/info/prospectus.action.

CONTACT: For Investors: IR@lendingclub.com; Media Contact: Press@lendingclub.com

 

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/lendingclub-launches-first-of-its-kind-digital-loan-transaction-platform-lcx-300936265.html

SOURCE LendingClub