Lending Club provided investors with plenty to think about in its Q2 2015 earnings conference call this week. Here are a few of the highlights from a second quarter that saw Lending Club reach $11.2 billion in total originations.
- Revenue gains of 98% year-over-year ($96.1 million this year compared to $48.6 million last year in the same period)
- Cash, cash equivalents, and securities available for sale totaling $888 million; no outstanding debt
- Originations increased by 90% year over year ($1.9 billion compared to $1 billion last year in the same period)
- Opened to investors in Texas, Arizona, Arkansas, Iowa, and Oklahoma; now available to investors in 33 states
- Opened to borrowers in Nebraska and North Dakota; now available to borrowers in 47 states
- Partnered with Ingram Micro to provide term loans and unsecured lines of credit for Ingram Micro’s valued-added resellers in the U.S.
Lending Club said it anticipates Q3 2015 operating revenues of between $106 million and $108 million, and total revenues for fiscal 2015 between $405 million and $409 million.
Founded in 2006 and headquartered in Sunnyvale, California, LendingClub demonstrated its platform at the first Finovate in 2007. Renaud Laplanche is CEO.