LendingClub Launches Home Improvement Financing; Begins Underwriting and Originating Loans Through Inaugural Partnership with Wisetack | LC Stock News

, /PRNewswire/ -- LendingClub Corporation (NYSE: LC) today announced it has started underwriting and originating home improvement loans through its inaugural partnership with Wisetack, a platform embedded with over 40,000 contractors and growing.LendingClub brings its expertise, proprietary credit models, and bank balance sheet directly to the point of sale for consumers seeking convenient and affordable financing for home improvement projects."We're excited to begin originating loans within the $500 billion home improvement market, where we have distinct advantages over incumbents and a meaningful opportunity for growth," said Steve Mattics, Chief Lending Officer at LendingClub. "This space is distinctly on brand for us. By combining our advanced underwriting and credit decisioning with Wisetack's embedded platform, we're able to clear the way for people to make meaningful home improvement projects happen while also helping contractors grow their own businesses. It's the type of win-win we're always striving for."Through the Wisetack platform, loans up to $65,000 are originated by LendingClub and offered seamlessly within contractor and merchant workflows. LendingClub's underwriting system, which is informed by more than 150 billion cells of proprietary data, enables real-time credit decisions and supports access to larger loan amounts with transparent terms. The benefits of the partnership are clear:Homeowners get instant offers and real-time approvals that allow them to make their projects happen, andContractors get immediate funding and better close rates, especially on larger projects."LendingClub's move to originate loans strengthens the financing experience across our platform, helping more contractors offer flexible payment options that enable homeowners to move forward with larger projects," said Bobby Tzekin, Founder and CEO of Wisetack.Reinforced by LendingClub's investment in Wisetack, both companies plan to continue scaling the partnership, expanding the range of LendingClub-originated financing solutions available across the platform."We've been really impressed with Wisetack's team and platform," said Scott Sanborn, LendingClub CEO, "so impressed that we have also made an investment in the company to help accelerate our future together."The U.S. home improvement market represents an estimated $500 billion in annual spending, driven by aging housing inventory and a continued preference among homeowners to renovate rather than relocate. LendingClub's expansion into the home improvement financing vertical is a natural extension of its point-of-sale financing expertise. This represents a powerful new opportunity to attract, delight, and engage consumers in moments that matter – and represents a perfect example of how LendingClub's members use credit responsibly to make it happen.About LendingClubLendingClub Bank (soon to be Happen Bank) is a digital bank built for the Motivated Middle: high-FICO, high-income, digitally savvy consumers actively managing their financial lives. Our difference? We make it easy for them to access award-winning products that help them keep more of what they earn and earn more on what they save. Our products are aligned by design to reward our five million members when they take positive financial steps, like saving regularly or making loan payments on time.Our success is fueled by our advanced credit underwriting, a proprietary technology platform engineered for innovation, and a marketplace bank model that drives value for members, loan investors, and shareholders alike. The result is affordable credit, meaningful value, and a trusted banking relationship delivered consistently and profitably at scale.As we look to our next chapter, we're choosing a name that reflects why we exist: to clear the way for our members to make it happen. Learn more at https://www.meethappen.com.LendingClub Corporation (NYSE: LC) is the parent company and operator of LendingClub Bank, National Association, Member FDIC. Loans originated pursuant to the partnership with Wisetack are underwritten and originated by LendingClub Bank. For more information about LendingClub, visit https://www.lendingclub.com.About WisetackWisetack is the leading embedded platform for consumer financing for home services and home improvement, with presence in other verticals such as elective medical and car repair. Wisetack partners with software companies to embed consumer financing options into their customer-facing applications through simple APIs. Wisetack's extensive network of merchants rely on Wisetack to offer their customers affordable pay-over-time options at point of sale.Founded in 2018 in San Francisco by an experienced team of leaders in the financial technology industry, Wisetack is backed by leading VCs such as Greylock Partners, Quadrille Capital, Insight Partners, and Bain Capital Ventures. Payment options through Wisetack are provided by its lending partners and subject to credit approval. Terms may vary.Safe Harbor StatementSome of the statements in this press release, including statements regarding the growth and benefits of our partnership with Wisetack, are "forward-looking statements." Words such as "plan", "delivers" and similar expressions may identify forward-looking statements, although not all forward-looking statements may contain these identifying words. Factors that could cause actual results to differ materially from those contemplated by these forward-looking statements include: our ability to develop and operate a compelling offering in the home improvement lending space, macroeconomic conditions, loan demand and performance, and those factors set forth in the section titled "Risk Factors" in LendingClub Corporation's most recent Annual Report on Form 10-K, as filed with the Securities and Exchange Commission, as well as in its subsequent filings with the Securities and Exchange Commission. Actual results or events could differ materially from the plans, intentions and expectations disclosed in forward-looking statements, and you should not place undue reliance on forward-looking statements. We do not assume any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.CONTACTS:LendingClub Media Contact: Press@lendingclub.com For Investors: IR@lendingclub.com Wisetack Media Contact: Press@wisetack.comSOURCE LendingClub Corporation