LendingClub

Varo Bank Welcomes Allen Parker as Chief Financial Officer, Promotes Raktim Mitra to Chief Lending Officer

Retrieved on: 
Tuesday, March 19, 2024
General Electric, Pedigree, LendingClub, Goldman Sachs, CFO, Accounting, Small business, Head, Treasury, M&A, Mitra, Bank

SAN FRANCISCO, March 19, 2024 /PRNewswire/ -- Varo Bank, N.A., the first nationally-chartered consumer techbank in the U.S., is pleased to announce the appointment of Allen Parker as its new Chief Financial Officer. Additionally, Raktim Mitra has been promoted to Chief Lending Officer after helping to build the company's lending business in his previous role as Head of Lending.

Key Points: 
  • , the first nationally-chartered consumer techbank in the U.S., is pleased to announce the appointment of Allen Parker as its new Chief Financial Officer.
  • Additionally, Raktim Mitra has been promoted to Chief Lending Officer after helping to build the company's lending business in his previous role as Head of Lending.
  • Raktim Mitra will expand his existing responsibilities at Varo Bank with his promotion to Chief Lending Officer by overseeing the key development of borrowing and lending products, a strategic growth area for the company.
  • "I am honored and excited to take on the role of Chief Lending Officer at Varo Bank," said Raktim Mitra.

GEICO Announces Tangela Richter as Chief Legal Officer

Retrieved on: 
Wednesday, March 6, 2024
Law Enforcement, Emergency Services, Professional Services, Legal, Insurance, Public Policy, Government, Condo, Multimedia, Capital One, Harvard Law School, Howard University, Wells Fargo, Identity theft, LendingClub, Berkshire Hathaway, Concert dance, American Express, Environment, Management

GEICO announced Tangela Richter has joined the company as its new Chief Legal Officer, reporting to Chairman, President & CEO Todd Combs.

Key Points: 
  • GEICO announced Tangela Richter has joined the company as its new Chief Legal Officer, reporting to Chairman, President & CEO Todd Combs.
  • Richter will oversee all of GEICO's legal functions as well as government and regulatory affairs.
  • View the full release here: https://www.businesswire.com/news/home/20240306561086/en/
    GEICO named Tangela Richter Chief Legal Officer with responsibility for all the company's legal functions as well as government and regulatory affairs.
  • “We are very fortunate to have someone with Tangela’s talents and experience leading our legal, government and regulatory affairs team,” said Todd Combs, GEICO Chairman, President & CEO.

Operix Appoints Hugh Crean as Chief Executive Officer

Retrieved on: 
Tuesday, February 20, 2024
Acquisition, Crean, M33, Organizational founder, LendingClub, Microsoft, Management

BOSTON, Feb. 20, 2024 /PRNewswire/ -- Operix, a cloud-based software provider for specialty contractors, today announced the appointment of Hugh Crean as Chief Executive Officer. Crean assumes the role of CEO from Operix founder, Jay Annarelli, who will serve as President.

Key Points: 
  • CEO Transition Comes as Company Enters Next Phase of Growth; Operix Founder, Jay Annarelli, Assumes Role of President
    BOSTON, Feb. 20, 2024 /PRNewswire/ -- Operix , a cloud-based software provider for specialty contractors, today announced the appointment of Hugh Crean as Chief Executive Officer.
  • Crean assumes the role of CEO from Operix founder, Jay Annarelli, who will serve as President.
  • Prior to joining Operix, Crean was most recently an operating partner with JPK Capital.
  • "Jay and the team at Operix have built impressive products that commercial contractors rely on to connect their field and office teams," said Crean.

LendingClub Reports Fourth Quarter and Full Year 2023 Results

Retrieved on: 
Tuesday, January 30, 2024
Acceleration, EPS, Sale, SAN, LendingClub, Growth, GAAP, Total, FDIC, Video game

SAN FRANCISCO, Jan. 30, 2024 /PRNewswire/ -- LendingClub Corporation (NYSE: LC), the parent company of LendingClub Bank, America's leading digital marketplace bank, today announced financial results for the fourth quarter and full year ended December 31, 2023.

Key Points: 
  • SAN FRANCISCO, Jan. 30, 2024 /PRNewswire/ -- LendingClub Corporation (NYSE: LC), the parent company of LendingClub Bank, America's leading digital marketplace bank, today announced financial results for the fourth quarter and full year ended December 31, 2023.
  • Total assets of $8.8 billion compared to $8.5 billion in the prior quarter, primarily reflecting growth in securities related to the structured certificate program.
  • Deposits of $7.3 billion compared to $7.0 billion in the prior quarter, primarily due to an increase in customer certificates of deposit.
  • Securities available for sale of $1.6 billion compared to $0.8 billion in the prior quarter, primarily reflecting growth in the structured certificate program.

Grain Management Announces Promotions, Recognizing Corporate Excellence and Outstanding Performance

Retrieved on: 
Wednesday, January 24, 2024
Associate, Fudan University, Texas A&M University, Female, Operation, Tuck School of Business, David G. Booth, TMT, University, Business, IHeartMedia, Morgan Stanley, Strategic planning, Dartmouth College, Acquisition, LendingClub, Telecommunications, Communication, Media, Boston University, Growth, Management

WASHINGTON, Jan. 24, 2024 /PRNewswire/ -- Grain Management, LLC ("Grain"), a trusted solutions provider to the broadband and communications industry, announced today three senior-level investment team promotions.

Key Points: 
  • WASHINGTON, Jan. 24, 2024 /PRNewswire/ -- Grain Management, LLC ("Grain"), a trusted solutions provider to the broadband and communications industry, announced today three senior-level investment team promotions.
  • Grain said, "Without the outstanding leadership and performance of these individuals, the exceptional growth of our Firm and the success we have seen over the past year would not have been possible.
  • Ms. Berger joined Grain in 2019 as a Senior Associate after starting her career in investment banking and asset finance.
  • Along with Berger, Heidari, and Zhou, Grain made 15 additional promotions on its Investment and Operations & Administrations teams effective January 2024.

Thomvest Ventures Announces New $250M Fund and Promotes Two to Leadership Team

Retrieved on: 
Tuesday, January 16, 2024
Cisco, SoFi, Bolster, SAN, Trust, AI, Investment, VMware, CXO, Harness, LendingClub, ThousandEyes, AUM

SAN FRANCISCO, Jan. 16, 2024 /PRNewswire/ -- Thomvest Ventures, a venture capital firm founded by Peter Thomson, today announced a new $250 million fund and the promotion of Umesh Padval and Nima Wedlake to the role of Managing Director. The new fund brings the firm's total assets under management (AUM) to $750 million, enabling the firm to invest in the next generation of companies across the firm's core focus areas of financial and real estate technology, cybersecurity, cloud and AI infrastructure.

Key Points: 
  • "I started investing in entrepreneurs because of their potential to help shape our collective future," said Peter Thomson, founder of Thomvest Ventures.
  • And given the once-in-a-generation changes that we see happening now because of AI, that potential is as strong today as ever."
  • Founded more than 25 years ago, Thomvest Ventures has made over 75 investments across early and growth stage startups.
  • "I'm thrilled to be able to leverage our deep understanding of the space to support transformational founders and management teams."

LendingClub Schedules Fourth Quarter and Full Year 2023 Earnings Release and Conference Call

Retrieved on: 
Tuesday, January 16, 2024
SAN, LendingClub

SAN FRANCISCO, Jan. 10, 2024 /PRNewswire/ -- LendingClub Corporation (NYSE: LC), the parent company of LendingClub Bank, America's leading digital marketplace bank, announced that it will report earnings for the fourth quarter and full year 2023 after the market closes on Wednesday, January 31, 2024.

Key Points: 
  • SAN FRANCISCO, Jan. 10, 2024 /PRNewswire/ -- LendingClub Corporation (NYSE: LC), the parent company of LendingClub Bank, America's leading digital marketplace bank, announced that it will report earnings for the fourth quarter and full year 2023 after the market closes on Wednesday, January 31, 2024.
  • LendingClub will host a conference call to discuss the fourth quarter and full year 2023 financial results at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) on the same day.
  • A live webcast of the call will be available at http://ir.lendingclub.com under the Filings & Financials menu in Quarterly Results.
  • An audio archive of the call will be available at http://ir.lendingclub.com .

Nearly 60% of Credit Cardholders in the U.S. Live Paycheck to Paycheck

Retrieved on: 
Monday, December 18, 2023
Bureau, Bureau of Labor Statistics, Research, NYSE, SAN, LendingClub, Federal, Fraud, Theft, Credit, Partnership, Reality Check, The Transactor, Government, Female, Federal Reserve, Face, Intelligence, Online shopping, Pension fund

SAN FRANCISCO, Dec. 18, 2023 /PRNewswire/ -- LendingClub Corporation (NYSE: LC), the parent company of LendingClub Bank, America's leading digital marketplace bank, today released key findings from the 29th edition of the Reality Check: Paycheck-To-Paycheck research series, conducted in partnership with PYMNTS Intelligence. The Credit Card Use Deep Dive Edition examines the financial lifestyles of U.S. consumers and explores how they use credit cards to manage their cash flows to get by. This edition draws on insights from a survey of 3,252 U.S. consumers conducted from Nov. 6 to Nov. 22 and an analysis of other economic data.

Key Points: 
  • As of November 2023, 62% of consumers lived paycheck to paycheck, mirroring last year's statistics and slightly higher than last month.
  • Consumers living paycheck to paycheck own nearly 60% of the credit cards in the U.S.
  • The research also confirms that those living paycheck to paycheck are more likely to struggle with higher credit balances and to pay bills.
  • The likelihood of a cardholder having pending repayments from an installment plan rises sharply among those who live paycheck to paycheck.

77 Percent of Consumers Plan to Participate in the 2023 Holiday Shopping Season

Retrieved on: 
Monday, November 20, 2023
Bureau, Bureau of Labor Statistics, Research, NYSE, SAN, LendingClub, Generation, Federal, BNPL, Generation X, Friends, Credit, Lead, Partnership, Reality Check, Generation Z, Growth, Family, Government, Female, Federal Reserve, Intelligence, Retail, Online shopping

SAN FRANCISCO, Nov. 20, 2023 /PRNewswire/ -- LendingClub Corporation (NYSE: LC), the parent company of LendingClub Bank, America's leading digital marketplace bank, today released key findings from the 28th edition of the Reality Check: Paycheck-To-Paycheck research series, conducted in partnership with PYMNTS Intelligence. The Holiday Shopping Deep Dive Edition examines the financial lifestyles and spending choices of U.S. consumers going into the 2023 holiday shopping season. This edition draws on insights from a survey of 3,640 U.S. consumers conducted from Oct. 3 to Oct. 19 and an analysis of other economic data. 

Key Points: 
  • The Holiday Shopping Deep Dive Edition examines the financial lifestyles and spending choices of U.S. consumers going into the 2023 holiday shopping season.
  • As of October 2023, 60% of consumers lived paycheck to paycheck, unchanged from a year prior.
  • Even though consumers believe their financial health is worse than a year ago, 77% expect to shop during the 2023 holiday season, only slightly less than the 78% seen a year ago.
  • Credit cards take the lead among credit options for holiday shopping, at 27%, followed by buy now, pay later (BNPL), at 20%.

LendingClub Bank Crosses $1 Billion Personal Loans Sold Through Its Structured Loan Certificates Program

Retrieved on: 
Thursday, November 9, 2023
NYSE, LendingClub, LC, J.P. Morgan & Co., Davidson Kempner Capital Management, Security (finance), Bank

SAN FRANCISCO, Nov. 9, 2023 /PRNewswire/ -- LendingClub Corporation (NYSE: LC), the parent company of LendingClub Bank ("LendingClub"), America's leading digital marketplace bank, today announced it crossed $1 billion of personal loans sold through its Structured Loan Certificates Program ("SLCLC Program"). The company anticipates approximately $2 billion dollars of loan volume through the SLCLC Program over the next 6 months as it continues to scale. 

Key Points: 
  • Davidson Kempner Capital Management LP, Atalaya Capital Management, Nelnet, Inc. and Värde Partners Join Growing list of Marketplace Loan Investors Seeking Competitive Yield
    SAN FRANCISCO, Nov. 9, 2023 /PRNewswire/ -- LendingClub Corporation (NYSE: LC), the parent company of LendingClub Bank ("LendingClub"), America's leading digital marketplace bank, today announced it crossed $1 billion of personal loans sold through its Structured Loan Certificates Program ("SLCLC Program").
  • LendingClub's Structured Loan Certificates Program is a two-tranche private securitization in which LendingClub retains the senior note and sells the residual certificate on a pool of loans to a marketplace investor at a predetermined price, effectively providing built-in financing.
  • This structure, developed by LendingClub and enabled by its marketplace bank model, delivers a transaction that benefits both marketplace investors and LendingClub.
  • "The Structured Loan Certificates program provides us both efficient leverage and scalable access to personal loans from a provider of choice in the asset class.