NEW YORK--(BUSINESS WIRE)--LendIt, the world’s largest online lending conference, today responded to the news that Renaud Laplanche had been asked to resign as CEO of Lending Club, a firm viewed as the fintech bellwether and the title sponsor for LendIt.
LendIt made the following statement:
This is a blow to Lending Club and to the global fintech industry. LendIt is shocked by the infractions, especially since Lending Club has built a culture of transparency and has worked hard to define and promote industry best practices. However, LendIt fully supports the actions taken by the Lending Club board of directors.
The fintech industry is maturing and is strengthening its operational infrastructure. Mistakes will be made but companies and their leaders must be accountable for their actions and must operate at the highest ethical levels to instill trust and confidence in their businesses and in our industry. By acting swiftly and decisively, the Lending Club board made a painful decision that has set a positive precedent for the future of the industry.
“Like the entire industry, LendIt is frustrated and saddened by the news from Lending Club yesterday,” said Peter Renton, CEO and Chairman of LendIt. “But the decisive action of the Lending Club board showed us all that this kind of behavior will not be tolerated. Our industry will emerge from this crisis stronger and better prepared for the future.”
Lending Club was the title sponsor at the recent LendIt USA 2016 conference held in San Francisco and is the largest online lending platform outside of China, having originated almost $20 billion in loans since inception in 2007. It has been the undisputed market leader in the United States market since 2011.
Jason Jones, Co-Founder and President of LendIt, stated, “The lesson we have learned is that you have to act with integrity, especially after making a mistake. Our industry deals with other people’s money so the decisions made impact the lives of millions of people. Fintech companies must continue to invest in their operational infrastructure and implement best practices around compliance. With their strong actions yesterday, the Lending Club board has set the right example for our industry.“
LendIt is the central meeting point for the tight-knit online lending community. It is the annual gathering to do business and share best practices. Through Lend Academy, LendIt has a voice in the community to support the ecosystem. LendIt China is LendIt’s next major event, which will take place on July 17-18 in Shanghai China. China is the largest market in fintech and LendIt China will be a summit of the fintech industry leaders from both inside and outside of China. Further emphasis on operational infrastructure, regulation and compliance will be important content featured at LendIt China.
Co-founded by Jason Jones, Bo Brustkern, and Peter Renton in New York in 2013, LendIt is the largest conference series dedicated to connecting the global online lending community. LendIt conferences bring together the leading platforms, investors, and service providers in the lending industry for unparalleled educational, networking, and business development opportunities. LendIt hosts three conferences annually: the flagship conference in the United States–LendIt USA, LendIt Europe in London, and LendIt China in Shanghai. For more information, please visit www.lendit.com.
About LendIt China
Conforming to the local culture, LendIt China has a broader scope than LendIt’s traditional focus on online lending. LendIt China focuses on the future of all of fintech including lending, payments, blockchain, insurance and wealth management. LendIt China is a summit of industry leaders from around the world and within China targets Internet finance groups from the top Consumer Internet companies, Banks, Insurance companies, and Securities firms with the goal of strengthening and growing our industry.
To register go to www.lendit.com/China. Early bird discounts now available.