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LendIt conference wrap: Fintech a threat to credit cards

Mar. 08, 2017 2:46 PM ETLendingClub Corporation (LC) StockGS, LC, ONDKBy: Stephen Alpher, SA News Editor1 Comment
  • via Bloomberg
  • Shops like LendingClub (NYSE:LC) and OnDeck Capital (NYSE:ONDK) no doubt face challenges, but Sandler O'Neill's Chris Donat says traditional lenders - particularly credit cards - are threatened by the fintech business model.
  • Donat takes note of big attendance at the conference (6K) as a sign of optimism about the industry, and recent loan purchase agreements from not-yet-public players like Prosper and SoFi augurs well.
  • Also presenting at the conference was Goldman Sachs (NYSE:GS), and its new Marcus platform was described (by Goldman) as a fintech startup with a 147 year-old balance sheet. This is a threat to credit cards as well, says Donat.
  • LendingClub today is higher by 6.6%, ONDK by 2.6%.
  • Previously: LendingClub chief talks shop at conference (March 6)

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