Hi, Pat: Could you please comment on LendingClub? Do you think the company will be able to compete to a certain extent with banks for lending? If so, I think there could be a huge upside to this stock. Thank you.
LendingClub Corp., $12.34, symbol LC on New York (Shares outstanding: 375.2 million; Market cap: $4.5 billion; www.lendingclub.com), operates an online marketplace that matches borrowers with potential lenders.
The company’s software automates the application process, quickly determines a borrower’s creditworthiness and sets the interest rate on the loan. This method keeps LendingClub’s costs down, so its rates tend to be lower than bank lending rates.
The company receives fees for originating loans, collecting payments from borrowers and passing them on to lenders. It doesn’t provide loans or assume any credit risk. Since it started up in 2007, Lending Club has helped more than 1.1 million borrowers get $13.4 billion worth of loans.
LendingClub began trading on the New York exchange on December 11, 2014, at $15 a share. It sold 66.7 million shares to raise $1.1 billion.
The company has grown quickly in the last couple of years: its revenue more than doubled, to $213.4 million in 2014 from $97.8 million in 2013…
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