Today we got a glimpse of what former Lending Club CEO Renaud Laplanche has been working on since he resigned from the company earlier this year. The big news was first covered in this Wall Street Journal article and it appears as though he is building another online lending company.
While a lot of details are not known about the new company, here is what we do know:
The new company is called Credify Finance Corp and will be an online lending platform.
It is headquartered in San Francisco’s financial district and was incorporated on May 31, 2016.
Former Lending Club executives Jeff Bogan and Adelina Grozdanova are working with Renaud on the new venture.
Thomas Curran, who previously worked at Promontory Financial Group, a regulatory consulting firm and at the Treasury Department’s capital-purchase program, is serving as Credify’s compliance officer.
The company hopes to begin extending credit in 2017 with estimated revenues of $50 million.
No one has played a bigger role than Renaud in shaping the course of online lending over the past decade so I think it is a real positive that he is staying in the industry. What will be most interesting is to see how the company will differ from Lending Club now that Renaud is able to build a company from scratch with all the knowledge he has gained from his decade leading the industry.
We reached out to Renaud but he declined to make an official comment for this story.