Lending Club Cuts Profit Forecasts Again

While hosting their first investor day the online lender again cut guidance for profits and shares fell to record lows; “The last 18 months have been among the most challenging of my career, but my conviction has never wavered: consumer credit is a data problem that a technology-driven marketplace is well positioned to solve,” CEO Scott Sanborn said at the investor day; Lending Club has had is share of issues and new entrants like Marcus have begun to crowd the market; not all investors are put off by the news, Chinese investor Shanda said he was keeping the faith in the lender as they recently made a big investment. Source.

  • Todd Anderson

    Todd is the host of PitchIt: the fintech startups podcast, a weekly interview show featuring emerging fintech founders and leading venture capitalists. He is responsible for leading the content team which covers fintech through daily & weekly email newsletters, editorial, virtual events, and in-person conferences. He has been covering fintech, banking, and venture capital for more than 15 years, including speaking regularly at industry events.