LendingClub Kills P2P
This post, written by Cambrian's Founding Partner Rex Salisbury, first appeared on the A16Z fintech newsletter.
"LendingClub, founded in 2006 as a peer-to-peer (P2P) platform, is now shutting down peer-to-peer lending entirely. Why? First, the P2P component has become much less important over time; it’s easier to raise $100 million from Wall Street than to raise money from tens of thousands of retail investors. Second, with the acquisition of Radius Bank earlier this year, LendingClub now has access to deposits — a far cheaper source of capital..."