Author Topic: Renaud Laplanche new company Upgrade (formerly Credify)  (Read 3277 times)

lascott

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Renaud Laplanche new company Upgrade (formerly Credify)
« on: April 06, 2017, 05:54:18 PM »
Title: Renaud Laplanche, Ousted at Lending Club, Returns as Rival to His Old Firm
https://www.nytimes.com/2017/04/06/business/dealbook/lending-club-renaud-laplanche-upgrade.html

Quote
To set Upgrade apart from Lending Club and other competitors, the company, previously referred to in filings as Credify, will offer, among other features, free credit monitoring tools and financial education to keep customers engaged even if their initial loan applications are rejected.
<snip>
Unlike Lending Club, Upgrade will not sell its loans to small-time investors. Mr. Laplanche is looking only to big institutional money managers, and he said that he already had four large investors on board.
« Last Edit: April 07, 2017, 11:07:18 AM by lascott »
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yojoakak

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Re: Renaud Laplanche new company Upgrade (formerly Credify)
« Reply #1 on: April 06, 2017, 09:48:31 PM »
What's the over-under on the launch of a new Upgrade sailboat?

brother7

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Re: Renaud Laplanche new company Upgrade (formerly Credify)
« Reply #2 on: April 07, 2017, 12:15:33 AM »
I visited the Upgrade website. Couldn't find any opportunities for investors, only borrowers. Not really P2P, I guess.

AnilG

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Re: Renaud Laplanche new company Upgrade (formerly Credify)
« Reply #3 on: April 07, 2017, 12:32:08 AM »
I guess you skimmed the article. From the article lascott posted,

Quote
Unlike Lending Club, Upgrade will not sell its loans to small-time investors. Mr. Laplanche is looking only to big institutional money managers, and he said that he already had four large investors on board.

It seems strange that his borrower acquisition strategy is credit monitoring tools and education ala Credit Karma for rejected borrowers. Based on the name "Upgrade", I am guessing there is more to the story than he is ready to share right now. I could see him issuing loans to everyone or rejected borrowers of other services (potentially buy "rejected" leads for pennies) who applies but reducing the amount and terms and helping borrowers improve credit rating i.e. upgrading borrowers.

I visited the Upgrade website. Couldn't find any opportunities for investors, only borrowers. Not really P2P, I guess.
« Last Edit: April 07, 2017, 12:37:41 AM by AnilG »
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rawraw

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Re: Renaud Laplanche new company Upgrade (formerly Credify)
« Reply #4 on: April 07, 2017, 12:30:17 PM »
Sounds like a good strategy. These loan only relationship companies suck as a business, which I bet he learned after going public.

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