Today, our President and acting CEO, Scott Sanborn, sent an update to our individual investors on the Lending Club platform. We’ve posted it here so you can hear the latest.
I’m Scott Sanborn, President and acting CEO of Lending Club. I’ve been on Lending Club’s leadership team for the past six years as Chief Marketing Officer and Chief Operating Officer, and I wanted to take a moment to introduce myself and describe our current focus.
Individual investors like you are – and will always be – the foundation of our marketplace.
Given recent events, my immediate focus is on how Lending Club can best serve you – our investors. We’ve talked to hundreds of our investors – spanning individuals to financial advisors to banks to large institutions – over the past week about the strength of our business, our operations, our people, and our data integrity. Let me assure you that we are in a strong financial position with a substantial amount of cash and securities on our balance sheet – $868 million. We plan to be around for many years to come.
The performance of loans facilitated through the platform remains robust. We continue to service and process borrower payments just like we always have, and the interest and principal payments that borrowers make will continue to be passed on to you just as they were before.
We’re extremely proud of the products we’re providing to both borrowers and investors, and I look forward to sharing more with you in the coming months and years about our company and our results.
I’m not working alone. Our Executive Team has been working together for the past six years and has deep expertise in credit, operations, marketing, finance, human resources and technology. We’re also supported by one of the strongest Board of Directors in the industry. It includes Hans Morris (former President of Visa and now our Executive Chairman), Larry Summers (former US Treasury Secretary), John Mack (former CEO of Morgan Stanley), Mary Meeker (a Partner at Kleiner Perkins Caufield & Byers) and other experienced executives.
Thank you for investing with us. I look forward to having you as an investor for years to come.
Lending Club President & Acting CEO
As a follow up, here are a few answers to questions platform investors may have:
We will continue to keep our platform investors informed as we move ahead. We’re confident in our business and look forward to serving our investors for years to come.
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