LendingClub Corporation ( LC Quick Quote LC - Free Report) recently announced the expansion of its LCX platform. The company is now offering its registered institutional investors on the platform to buy loans from the time of its origination or pre-issuance level to individual loan level.
Earlier, LendingClub, through LCX Platform, which was launched in October 2019, used to sell previously-originated loans at competitive prices. Now, with the expansion of this offering to the pre-issuance level, the company will be able to conserve liquidity and offer loans at competitive prices as these loans do not affect the balance sheet. This expansion will also allow investors to make informed decisions regarding their purchase strategies.
Patrick Coicou, LendingClub senior director electronic markets said "As a technology-driven marketplace, we want to remove friction and encourage investors to trade electronically and with precision whether its pre-issuance or post-issuance, with LendingClub or each other. We believe this will result in increased liquidity of this asset class and add marketplace functionality that previously did not exist."
LendingClub offers loans to institutional investors through four platforms, LCX, Scale, Select and Select Plus. The Scale and Select platforms were launched in 2017, while LCX and Select Plus were launched last year.
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