Podcast 10: Interview with Scott Sanborn of Lending Club

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Last month I visited San Francisco and brought along my trusty audio recorder for a podcast interview in the Lending Club offices with Scott Sanborn. Sanborn joined Lending Club in 2010 as the Chief Marketing Officer and last year was promoted to Chief Operating Officer. He is responsible for Lending Club’s day to day operations and he has still maintained his marketing role.

We talked about a number of different topics in particular the rapid growth of Lending Club and how they are managing this growth, balancing demand from from the retail and institutional investors, Lending Club PRIME, Policy Code 2 loans and of course, the topic that seems to be on everyone’s mind these days: the Lending Club IPO.

In this podcast you will learn:

  • How Lending Club decides the percentage of loans that go to the retail platform versus the whole loan platform.
  • How they have been able to scale their borrower supply so dramatically.
  • The different channels that provide borrowers to Lending Club.
  • Why they don’t look to their existing borrower pool as a driver of new business.
  • How Lending Club PRIME works and the changes that were made last year.
  • When and how often Lending Club PRIME runs.
  • An explanation of Policy Code 2 loans and how they use it.
  • When these Policy Code 2 loans may become available to the retail investor.
  • How Sanborn feels about the race at “feeding time” when the loans are added to the platform four times a day.
  • When and how we will see investor and borrower equilibrium again.
  • How the Lending Club IPO will open their platform to investors in all 50 states.

You can subscribe to the Lend Academy Podcast via iTunes or Stitcher. There is an audio player directly below or you can download the MP3 file here.

  • Peter Renton is the chairman and co-founder of LendIt Fintech, the world’s first and largest digital media and events company focused on fintech. Peter has been writing about fintech since 2010 and he is the author and creator of the Fintech One-on-One Podcast, the first and longest-running fintech interview series. Peter has been interviewed by the Wall Street Journal, Bloomberg, The New York Times, CNBC, CNN, Fortune, NPR, Fox Business News, the Financial Times, and dozens of other publications.