LevelUp Checking Drives LendingClub Account Openings

Core Insights - LendingClub's loan originations increased by 37% year over year to $2.6 billion, marking the highest level in three years, driven by strong consumer demand and investor interest [1][3][4] - The LevelUp checking product has seen a sevenfold increase in new account openings, with nearly 60% of these accounts being opened by borrowers, indicating deeper engagement within the ecosystem [1][5] Loan Originations and Financial Performance - The company reported a 32% year-over-year increase in revenues, reaching $266 million [3] - Marketplace revenues surged by 75% to $108 million, and structured certificate sales exceeded $1 billion [4] LevelUp Checking Product - The LevelUp checking offering has led to a significant increase in account openings, with 84% of surveyed respondents more likely to consider a LendingClub loan due to the 2% cash back incentive for on-time payments [5] - Monthly app logins from borrowers increased by nearly 50%, contributing to a higher rate of repeat loan issuance through the app [5] Deposit Trends and Portfolio Management - Total deposits at the end of the quarter were $9.4 billion, slightly down from the previous year, primarily due to a $100 million decrease in brokered deposits [6] - The LevelUp savings product has accumulated $3 billion in balances, driving deposit growth [6] Market Position and Investor Appetite - The company is currently competing more with FinTechs than traditional banks, but maintains strong underwriting standards [7] - Investor appetite for loans remains robust, with no signs of decline in interest for various loan products [7] Stock Performance - Shares of LendingClub rose by 7% in after-hours trading following the release of the third-quarter results [8]