A $19 Billion Story
Lending Club (NYSE: LC) was founded in 2006 with one simple mission: create a more efficient alternative to the traditional banking system that provides lower rates to borrowers and better returns to investors. Today, Lending Club is the world’s largest online credit marketplace, facilitating personal loans, business loans, and financing for elective medical procedures and K-12 education and tutoring.
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…[Lending Club’s] rapid progress – loans have roughly doubled every year – has fuelled breathless talks of big banks and credit-card peddlers being 'disrupted' in the same way taxi companies have been by Uber, based just down the road in San Francisco.