Peer2Peer Finance News
The UK's first peer-to-peer finance magazine for investors and the industry
  • Home
  • News
    • Personal Finance News
    • Industry News
    • SME News
    • Global News
  • Property
  • IFISA
    • IFISA Guide
  • Video
  • Open Banking
  • Cryptocurrency
  • Features
    • Joint Ventures and Promoted Content
  • Comment & Analysis
  • What is P2P?
  • Partners
  • Events
    • Past Events
  • P2P Power 50
    • Power 50 2020
    • Power 50 2019
    • Power 50 2018
    • Power 50 2017
  • Sign up to our e-newsletters
  • Magazine
  • Directory
  • Jobs
  • My Account
    • Manage Account
    • Change Password
    • Log In
    • Log Out
dollar
April 7 2017

LendingClub founder Laplanche launches new platform

Anna Brunetti Industry News, News asset managers, consumer finance, consumer P2P, institutional investor, LendingClub, p2p, Renaud Laplanche, Securities and Exchange Commission, US Department of Justice, US p2p

FORMER LendingClub boss Renaud Laplanche has launched online consumer finance provider Upgrade, his third foray into the US peer-to-peer lending sector after participating in its largest governance scandal to date.

His new San Francisco-based company has raised $60m (£48.3m) in equity and convertible notes from a large group of investors including Union Square Ventures, Ribbit Capital, Vy Capital and Silicon Valley Bank, Reuters reported on Thursday.

Investors also included large Chinese lender CreditEase and Noah Holdings, an investment management firm.

Unlike LendingClub, loans originated on Upgrade will only be bought by large asset managers, and not by individual investors.

Laplanche had already announced his P2P comeback with a new venture called Credify Finance Corporation in November, barely six months after being ousted by the company he had founded in 2006 and launched on the New York Stock Exchange in 2014.

The French-origin businessman had to step down as chief executive of Lending Club in May after the company’s internal probe uncovered loan irregularities and corporate governance issues.

The scandal caused the company’s share price to plummet and triggered investigations by both the US Securities and Exchange Commission and the Department of Justice. It also significantly impacted investor sentiment towards the emerging P2P sector.

Union Square Ventures, which is also a backer of LendingClub, said in a statement it stands firmly behind Laplanche’s new enterprise.

“We are thrilled to be backing Renaud again, after having worked alongside him at Lending Club for many years,” said the venture capitalist firm’s managing partner Fred Wilson.

Industry urges for standard default definition RateSetter’s Peter Behrens joins George Banco board

Related Posts

magnifier

Industry News, News, Top 3

Trade association calls for more FCA scrutiny

FOLK2FOLK - Roy Warren MD - head crop (col)

Industry News, News, Top 3

Folk2Folk eyes £100m from institutions as it expands nationally

the acronym fca for Financial Conduct Authority concept represented by wooden letter tiles

Industry News, News, Top 3

FCA to publish initial supervisory work on consumer credit guidance

Popular posts:

  • Chancellor unveils recovery loan scheme
  • Budget outlines plans for £15bn of green bonds in 2021
  • FCA warns The House Crowd investors against using…
  • Government to launch replacement future fund scheme
  • BBB sets out further details on recovery loan scheme
  • Cyan Finance launches IFISA to help investors go green
Back To Top
  • Home
  • Contact
  • About
  • Team
  • Advertising
  • Subscribe
  • Privacy
  • T&Cs
  • Disclaimer

Follow Us on Social Media

© Peer2Peer Finance News 2020
• Additional design by