Patrick Dunne, Chief Capital Officer, is the newest member of Lending Club’s Executive Team. He has over 25 years of investment experience, with notable roles at BlackRock, iShares, and Barclays Global Investors. Most recently, he was at BlackRock, leading iShares Global Market and Investments, where he oversaw more than 700 investment products with $1 trillion in assets under management. We sat down with Patrick to get his thoughts on why he joined Lending Club.
I’ve spent my entire career working in finance. At Barclays Global Investors (acquired by BlackRock in 2009), I was part of an innovative team that benefited greatly from being located near Silicon Valley. When we created iShares, a family of exchange traded funds (ETFs), it took many years to grow that business and show clients that it should be a big part of their investment strategy. Today, iShares is the market leader in ETFs. I see that same parallel with the products we offer at Lending Club. Lending Club has a tremendous opportunity to deliver value to a growing population of both borrowers and investors searching for a superior experience with better outcomes.
The addressable market – on both sides – is huge!
On the borrower side, there’s over $3.5 trillion in U.S. consumer credit outstanding 1 and many people do not have access to affordable credit. Lending Club has helped over 1.5 million borrowers, and is the # 1 provider of personal loans in America. There’s still a lot of work to be done to expand consumer credit and that’s what makes the Lending Club opportunity fun and challenging at the same time.
On the investor side, investors have spent the last decade searching everywhere for yield. It’s the No. 1 concern of retirees: Will I outlive my savings? How can I continue to generate income? Lending Club Notes provides another source of income for investors. Most retail investors have never invested in consumer credit before – they didn’t have access to it. And while Lending Club has the largest retail investor base in the marketplace lending industry, we still have a long way to go. We have over 135,000 self-directed retail investors and the self-directed retail investor market is over 45 million people.2
I’ve been fortunate to be in work environments where I worked alongside smart and collaborative colleagues who worked tirelessly to serve our clients and stakeholders. I see the same thing at LC – people are smart, nice, team-oriented, helpful, and customer-oriented. I’m inspired every day by the team’s focus on improving the customer experience. I’m confident we’ll continue to build on the strong foundation that’s been established here. I’m looking forward to pushing us through our next phase of success and growth.
The Investor Group is aspiring to build an even broader and deeper set of investors, allowing every type of investor – retail, asset managers, funds, pensions, insurance companies and banks – to benefit from what we believe is an investment that offers solid risk-adjusted returns. We’re proud that we have the largest retail investor base of all marketplace lenders and are committed to expanding new ways to reach this audience. After all, our mission is democratization at its finest: making credit more affordable and investing more rewarding for everyone.
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