Despite a plummeting post-IPO share price, there was plenty to celebrate at Lending Club, executives said this week.
Loan originations of $2.58 billion in 2015 were an 82 percent increase over 2014’s $1.41 billion. Since being founded in 2006 Lending Club has facilitated more than $16 billion in loans.
Fourth quarter operating revenue nearly doubled in 2015 to $134.5 million from $69.6 million in 2014. Adjusted EBITDA of $24.6 million in Q4 was more than triple 4Q15’s $7.9 million.
Average investor return was greater than seven percent.
Lending Club added six new states and the District of Columbia, leaving only seven states where retail investors cannot invest in the platform’s loans.
A $150 million share repurchase program was also approved.
There was plenty of good news, Founder and CEO Renaud Laplanche said.
“Our confidence is bolstered again by Lending Club’s performance in 2015 and causes us to raise our outlook for 2016. We have earned the trust of 1.4 million customers, have considerable room to grow our existing products, and intend to continue to expand both our product line and addressable population going forward.”
“Our operating efficiency reached record levels in Q4, and our credit performance, marketing efficiency and customer satisfaction remain very strong. Accordingly, we are raising Lending Club’s 2016 revenue guidance to $730 to $740 million, or 72 percent top line growth, and adjusted EBITDA guidance to $130 to $145 million.”