Online lender Upgrade, created by former Lending Club CEO Renaud Laplanche, has launched a new consumer credit platform.
The new platform integrates a marketplace lending approach with tools to enable consumers monitor their credit.
The platform currently started offering personal loans. The loans will be issued by Utah-based WebBank and later acquired by Upgrade who will retain a portion of those loans on its balance sheet and offer whole loans for sale to institutional investors.
In the coming weeks, the platform will also offer credit monitoring, alerts and education features to borrowers.
Upgrade co-founder and CEO Renaud Laplanche said: “We are excited to introduce innovations that help consumers better understand their credit potential, unlock that potential and obtain more affordable credit.”
Laplanche created Upgrade after being forced to resign from Lending Club last year following allegations of loan malpractices against him. The company already raised $60m in funding from a range of investors including Apoletto, Credit Ease, FirstMark Capital, Noah Holdings, Ribbit Capital, Sands Capital Ventures, Silicon Valley Bank, Union Square Ventures, Uprising and Vy Capital.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataThe company intends to use advanced technology for risk management, servicing operations, compliance management system and internal controls, as well as blockchain protocol to improve data integrity.
“We are excited to introduce innovations that help consumers better understand their credit potential, unlock that potential and obtain more affordable credit,” Laplanche said.
