LendingClub adds client-to-client sales on automated loan auction platform

May 25, 2022 11:51 AM ETLendingClub Corporation (LC)LDI, UPST, SOFIBy: Liz Kiesche, SA News Editor8 Comments

San Francisco Headquarters of Lending Club

JasonDoiy/iStock Unreleased via Getty Images

  • LendingClub (NYSE:LC) has added to its LCX automated loan auction platform the ability for institutional investors to sell LendingClub loans directly to each other on the platform, it said Wednesday in a statement.
  • "Today we are increasing liquidity for this attractive asset with client-to-client sales," said LendingClub (LC) Chief Capital Officer Valerie Kay. "As LCX gets more sophisticated, so does our insight into investor behavior, preference and price."
  • Gustavo Binnie of BTG Pactual, a large investment bank in Latin America, said, "The API-driven technology behind LCX allows for transparency and operational ease, which simplifies our buying process."
  • LendingClub (LC) stock is gaining 3.3% in Wednesday midday trading in a session when some other online lending-related stocks are also on the rise. SoFi Technologies (SOFI) +4.2%, Upstart Holdings (UPST) +5.4%, and loanDepot (LDI) +1.1%.
  • SA contributor IP Banking Research explains why LendingClub (LC) is its top pick in fintech

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