SAN FRANCISCO, September 9, 2021 / PRNewswire / – LendingClub Corporation (NYSE: LC), the parent company of LendingClub Bank, the leading digital market bank in the United States, today announced that it has expanded the capabilities of its LCX electronic trading platform to include LCX Link. This innovation opens up access and eliminates friction for institutional investors on the platforms, allowing them to automatically buy, sell and settle loan transactions through LCX without the need for technology infrastructure or the ability to create connectivity.
LCX is unique in the industry and uses the technology and power of the LendingClub marketplace to dynamically match investors with loans that meet their preferences and specific investment goals. LendingClub expects to run $ 2 billion of total loan sales through LCX by the end of Q3 2021.
LCX replaces traditional manual processes with a digital platform. The technology allows variable pricing of loan sales, which includes the ability to sell new loans above par. With an automated auction mechanism, investors can bid and purchase a selection of loans from LendingClub that match their preferred attributes. Previously, LCX was only available through an API, but with LCX Link, banks and other institutional investors can easily go online and purchase loans that meet their risk / reward profile, regardless of their internal technology infrastructure.
“We continue to leverage technology to grow our market, and LCX Link is a key capability that has helped attract many investors who are happy with the speed at which we are innovating to increase access to this asset class.” , said Clarke roberts, vice president of market services at LendingClub. âThe efficiency we enable combined with our scale increases accessibility and improves transparency for investors, which ultimately leads to new, more competitive products for our members. ”
“We are delighted to extend our partnership with LendingClub in this program and to see it evolve,” said Sara mcginty, head of partnerships at Theorem LP. Theorem is an asset manager with more than $ 2 billion in Assets Under Management, is a long-time buyer of LendingClub loans and was an early participant on LCX. âThe transparency, the ability to negotiate loans and the liquidity that this platform allows to benefit the entire lending industry in the market and we are proud to be a part of it. ”
In Q4 2021, LendingClub plans to expand LCX to enable client-to-client portfolio sales through its secondary market. This will further enhance the liquidity of LendingClub’s short-term loans by providing investors with a transparent way to sell LendingClub loans to other investors on the platform. Additionally, LCX will further inform LendingClub’s ability to quickly test investor appetite for new products, refine its marketing and credit models to better balance its market, and ultimately expand credit to customer segments. new or previously underserved borrowers.
Throughout its 14 years of existence, LendingClub has offered a range of unique product structures to expand investor access to consumer credit, expand distribution and improve liquidity for all investors. Currently, institutional investors can buy loans through LCX and sell the entire loan portfolio. To learn more about the company, visit www.lendingclub.com.
LendingClub Corporation (NYSE: LC) is the parent company of LendingClub Bank, national association, FDIC member. LendingClub Bank is the leading digital market bank in the United States. Members can access a wide range of financial products and services through a technology-driven platform designed to help them pay less when they borrow and earn more when they save. Since 2007, over 3.5 million members have joined the Club to help them achieve their financial goals. For more information on LendingClub, visit https://www.lendingclub.com.
Safe Harbor Declaration
Some of the above statements, including statements regarding the functionality and benefits of LCX and LCX Link, total anticipated loan sales and future product offerings, are âforward-looking statementsâ. The words “anticipate”, “believe”, “estimate”, “expect”, “intend”, “may”, “have prospects”, “plan”, “predict”, “plan”, ââ Similar phrases 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, but are not limited to, investor reception and adoption of the LCX platform and the factors set out in the section entitled “Factors”. risk âin our most recent annual report. on Form 10-K and the Quarterly Report on 10-Q, each as filed with the Securities and Exchange Commission, as well as in our future filings with the Securities and Exchange Commission. We may not 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 the forward-looking statements. We assume no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
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SOURCE LendingClub Corporation