Financial Stocks' Potential Comeback

This is a Fitch news story, published by Yahoo Finance, that relates primarily to Scott Sanborn news.

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LendingClub

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The Motley Fool

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Business

Business & Economics

Down 75% From 2021 Highs, History Says This Fintech Could Rocket Again

Summary

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79% Informative

LendingClub had to be nimble during the recent downturn as the marketplace demand for its loans dried up amid rapidly rising interest rates.

With rates on the path to normalizing and long-term yields now above short-term rates once again, the company is arguably in a much stronger position today than even in early 2021 .

CEO Scott Sanborn detailed all the moves the company made in response to adversity.

LendingClub announced it had secured an investment-grade rating on $100 million worth of SLC A notes from Fitch .

With a rating, the security now trades on the Depository Trust and Clearing Corporation exchange with a Committee on Uniform Security Identification Procedures (CUSIP) number.

Having a rated, liquid security opens up another category of loan buyers: insurance companies.

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