LendingClub Corporation, the parent company of LendingClub Bank, America’s leading digital marketplace bank, announced a major enhancement to its automated loan auction platform, LCX. Institutional investors can now sell LendingClub loans directly to each other on the platform, increasing liquidity for this market-leading asset via an efficient digital marketplace. LCX marks a digital revolution in marketplace investing. Prior to its introduction in 2019, investors used spreadsheets with millions of cells, multiple legal agreements, and other manual processes to purchase loans on LendingClub’s platform. LCX’s fully digital process enables LendingClub to achieve market clearing prices quickly and efficiently – it reduces settlement time from weeks to days, enables price discovery, and drives greater insight for LendingClub into the dynamics of the marketplace.
LendingClub Corporation is the parent company of LendingClub Bank, National Association, Member FDIC. LendingClub Bank is the leading digital marketplace bank in the U.S., where members can access a broad range of financial products and services designed to help them pay less when borrowing and earn more when saving. Based on more than 150 billion cells of data and over $70 billion in loans, our artificial intelligence-driven credit decisioning and machine-learning models are used across the customer lifecycle to expand seamless access to credit for our members, while generating compelling risk-adjusted returns for our loan investors. Since 2007, more than 4 million members have joined the Club to help reach their financial goals.