YouSaid · the spoken record

Renaud Laplanche

lines on the record: 51
first: 2016-03-28
most recent: 2016-03-28
sittings or episodes: 1
sources: podcast

Every line below is reproduced as it was said and linked to the record it came from. Nothing here is summarised or generated. Directory · Search · Corrections

“I think there are more worries now about the US economy slowing down, whether it's this year or next. I think the current expansion cycle has been around. It's been a slow expansion, but it's been around since 2008. So it's not going to last forever. I think a lot of Silicon Valley leaders are very mature in their approach and well-prepared to go through downturn. I think many of us are going to actually demonstrate the power of technology-based disruption in a downturn and show how we can weather tough economic times better than incumbents because we have a lower cost structure and delivers of better value to our customers.”
2016-03-28 · Decoder with Nilay Patel · Recode Decode: Renaud Laplanche, CEO, Lending Club · IDENTIFIED FROM THE TRANSCRIPT
“San Francisco is almost a perfect place to create that kind of team. And that's why all the industry leaders. All industry leaders are here because you get access to the dual talent pool of both technology and consumer marketing and product on one side, but also the more analytical rigor or financial services. So there are a lot of banks and a lot of asset managers in San Francisco. So we really have access to that.”
2016-03-28 · Decoder with Nilay Patel · Recode Decode: Renaud Laplanche, CEO, Lending Club · IDENTIFIED FROM THE TRANSCRIPT
“There's a lot of pressure when you're an entrepreneur and you're trying to build something and build it fast. There's a lot of pressure to sometimes compromise on talent. And if anybody in that state will be better than leaving the seat empty and we need the job to get done. But each time I compromised on talent, I regretted it later. And I think that's one of the things we've done really well at Landing Club over the last many years is building a fantastic team and particularly for a company like Landing Club that's really at the confluence of technology and financial services where you have almost a dual DNA, so making sure we have the right people and we make them help them work well. You have to be in Silvia Valley.”
2016-03-28 · Decoder with Nilay Patel · Recode Decode: Renaud Laplanche, CEO, Lending Club · IDENTIFIED FROM THE TRANSCRIPT
“It's probably the same thing. I think the number one advice I got and number one advice I always give to entrepreneurs is really to focus on the team, to focus on building a great team. Whatever your business is, you won't get there with a poor talent pool and a great team can run through walls and display. Do you really want to run through walls?”
2016-03-28 · Decoder with Nilay Patel · Recode Decode: Renaud Laplanche, CEO, Lending Club · IDENTIFIED FROM THE TRANSCRIPT
“Well, at some point, I mean, no expansion cycle goes forever. But we spent more time on downtown readiness in the last few quarters than we had before.”
2016-03-28 · Decoder with Nilay Patel · Recode Decode: Renaud Laplanche, CEO, Lending Club · IDENTIFIED FROM THE TRANSCRIPT
“To go away, and we have a 1.3% penetration rate into that opportunity, so 460 billion dollar opportunity. So that will continue to see that expand, not contract. On the investor side, we need to continue to focus on having that diversity, and that's a very stable individual investor base, a lot of community banks, a lot of long-term investors, and continue to really manage their expectations and have the same level of transparency as we've always had in terms of the quality of the loans and the quality of the credit performance. So you can go on our website and download the entire file of every single loan with ever made over the last eight years and the performance of every loan on a non-nominative basis.”
2016-03-28 · Decoder with Nilay Patel · Recode Decode: Renaud Laplanche, CEO, Lending Club · IDENTIFIED FROM THE TRANSCRIPT
“So, the thing we need to be absolutely continue to stay focused on is credit quality. That's really one of our main functions at Landing Club is making sure we deliver predictable credit quality to investors. And as there are more signs of or more worries, at least about the US economy slowing down, or as we get closer to the end of the current expansion cycle, I think it's going to be critical that we continue to manage credit performance well and manage investors' expectations. Well, I think what's going to happen is on the borrower side, there won't be less demand for credit in the downturn. There typically isn't, and particularly in the area we're focused on right now, which is helping people refinance their credit card balance. They're paying 18% interest rate on their credit card. We help refinance at 12. In a downturn, this 6% saving is even more important to people. So that's not going to be good.”
2016-03-28 · Decoder with Nilay Patel · Recode Decode: Renaud Laplanche, CEO, Lending Club · IDENTIFIED FROM THE TRANSCRIPT
“More regulated So I'm going to surprise you, but I wouldn't mind having more oversight. So I think the regulations that apply to loans facilitated for marketplaces are well established. Things of more oversight and better enforcement and more consistent application of this law is in place. They're not paying attention.”
2016-03-28 · Decoder with Nilay Patel · Recode Decode: Renaud Laplanche, CEO, Lending Club · IDENTIFIED FROM THE TRANSCRIPT
“I think being public gives us the benefit of greater brand awareness of projecting the fact that we're here to stay. We are going to be a large standalone company. It's also projecting financial stability for the IPO. We were able to raise a billion dollars of capital close to it, and we're cash flow positive, and so we continue to accur cash. I think it gave us the transparency so everybody can get access. There are a lot of analyst reports, so it gives transparency and credibility to the brand.”
2016-03-28 · Decoder with Nilay Patel · Recode Decode: Renaud Laplanche, CEO, Lending Club · IDENTIFIED FROM THE TRANSCRIPT
“No, not at all. I think it's really part of growing up. We were building landing club for the next 10 to 20 years. We believe at the end of the day the marketplace model is a more efficient way to deliver credit and to fund credit. We think it's going to be the dominant model over time. But the banks increasingly are going to participate on the marketplace, but the marketplace will be the aggregator and will be run by lending club.”
2016-03-28 · Decoder with Nilay Patel · Recode Decode: Renaud Laplanche, CEO, Lending Club · IDENTIFIED FROM THE TRANSCRIPT
“So you see a desegregation of banking services that I think will continue. I think the benefit of having all these services in the same place was very abuse when you had to go to that place. It was a physical branch. You needed all these services available then. If you have all these services available on your cell phone, whether it's the same app or a different app, it doesn't matter all that much.”
2016-03-28 · Decoder with Nilay Patel · Recode Decode: Renaud Laplanche, CEO, Lending Club · IDENTIFIED FROM THE TRANSCRIPT
“I think we're going to continue to see a lot of disruption in the ways of banking services are being delivered. And what we've seen is a lot of VET moving online and on mobile platforms, but also being disaggregated to your point. So we have folks like Betterment and Wealthfront delivering great asset management experience. You have companies like Lending Club, Prosper, Safi, delivering wonderful experience in terms of access to credit. And then you have Square, Stripe, and others and PayPal, obviously, of delivering payments.”
2016-03-28 · Decoder with Nilay Patel · Recode Decode: Renaud Laplanche, CEO, Lending Club · IDENTIFIED FROM THE TRANSCRIPT
“I think there's some cannibalization going on for sure. But I think what the banks are thinking now is it's happening anyway. Our customers expect different things from their bank. They expect credit to be delivered differently. So Lending Club is getting all these customers. We might as well benefit from it and have an integration with Lending Club that delivers a great service to our customers. We continue to have our brand in front of our customers. And we benefit from investing in these loans. So that the banks we work with can invest in the loans and essentially recapture the interest income that they would have lost otherwise.”
2016-03-28 · Decoder with Nilay Patel · Recode Decode: Renaud Laplanche, CEO, Lending Club · IDENTIFIED FROM THE TRANSCRIPT
“Customer base. And if it's a combination of these two, help us together lower the cost of credit for consumers and small business owners.”
2016-03-28 · Decoder with Nilay Patel · Recode Decode: Renaud Laplanche, CEO, Lending Club · IDENTIFIED FROM THE TRANSCRIPT
“So, I think you get a lot of benefits from the partnership that you wouldn't necessarily get in a integrated identity. We see that, for example, with the brands. So when we run a co-branded program with a community bank, the community bank's customers receive an offer that has a Landing Club brand that's very approachable, very consumer friendly, that screams of innovation, and that they want to try, but that they don't know as well they're not familiar with. Then you also get the brand of the bank that they are very familiar with, that's comforting, that has been around for decades or centuries. And I think the combination of these two brands is very powerful than in the actual sort of delivery of services, you get a lending club that has the lowest possible cost of operations powered by technology, and the banks that have a very low cost of capital and a very large”
2016-03-28 · Decoder with Nilay Patel · Recode Decode: Renaud Laplanche, CEO, Lending Club · IDENTIFIED FROM THE TRANSCRIPT
“So the interest mostly to have a very efficient operations platform and just deliver a better experience. Our net promoter score is in the high 70s.”
2016-03-28 · Decoder with Nilay Patel · Recode Decode: Renaud Laplanche, CEO, Lending Club · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, so that's one form of partnership with banks buying loans from us. It's mostly for community banks and small regional banks. But we, over the last 18 months, we also released new forms of partnerships whereby lending club and the banks make co-branded personal loans to the bank's customers.”
2016-03-28 · Decoder with Nilay Patel · Recode Decode: Renaud Laplanche, CEO, Lending Club · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, so we have at Landing Club a very different approach to disruption than other players in the space. We've always been in favor of partnerships with banks.”
2016-03-28 · Decoder with Nilay Patel · Recode Decode: Renaud Laplanche, CEO, Lending Club · IDENTIFIED FROM THE TRANSCRIPT
“I don't know if there's less attention to it. I think there are a lot of companies that emerged over the last few years that have the ability to profoundly change the way people think about money and the ways of payments, asset management, and credit services are being delivered. I think what we're seeing is a little bit of a saturation and probably see less new firms emerging over the next few years just”
2016-03-28 · Decoder with Nilay Patel · Recode Decode: Renaud Laplanche, CEO, Lending Club · IDENTIFIED FROM THE TRANSCRIPT
“We're here with Renault Laplanche, who is the CEO of the Lending Club. We're talking about a variety of issues, including where Phi Tech is going, and he just noted in our talk that there might be less attention to it going forward. Can you talk about that? What has changed? Is just the markets constricted and it was sort of the hot thing to do or what?”
2016-03-28 · Decoder with Nilay Patel · Recode Decode: Renaud Laplanche, CEO, Lending Club · IDENTIFIED FROM THE TRANSCRIPT
“Right, we haven't seen that happen last year. I think we'll see even less of an increase because this year just because we'll see less VC funding into the space this year.”
2016-03-28 · Decoder with Nilay Patel · Recode Decode: Renaud Laplanche, CEO, Lending Club · IDENTIFIED FROM THE TRANSCRIPT
“Mostly because we have greater efficiencies, we can offer lower interest rates to borrowers and a considerably better experience. So if you go, what happens is borrowers go online, they look at different offerings and they compare based on who has a better rate and who has a better experience. So if you look at Landing Club reviews, you see four or five stars and you see a lot more reviews than any other player. So we have a higher conversion rate.”
2016-03-28 · Decoder with Nilay Patel · Recode Decode: Renaud Laplanche, CEO, Lending Club · IDENTIFIED FROM THE TRANSCRIPT
“I think there were a lot of VC investments in fintech in the last year, a lot of small platforms getting VC funding. I think that period has probably ended in the last few months. We're seeing a lot less of that, a lot less well-founded competitors. In any case, I mean, what we've seen last year is actually declining acquisition costs for Lending Club over the last year. So we haven't felt a lot of that impact. So you had to market.”
2016-03-28 · Decoder with Nilay Patel · Recode Decode: Renaud Laplanche, CEO, Lending Club · IDENTIFIED FROM THE TRANSCRIPT
“I think once you have that type of diversity, it's hard to expand from there. I mean, Italy has family offices, endowments, foundations, insurance companies, pension funds. So there's a very broad range of investors. And that also helps with, I think, not only the resiliency and the stability of the model, but also the efficiency on both sides of the platform. When you have such a broad diversity on the investor side with investors who have their own investment objectives and risk appetite, that means that we can offer a broader range of loans on the borrower side as well. And we'll have investors who have appetite for any type of loans.”
2016-03-28 · Decoder with Nilay Patel · Recode Decode: Renaud Laplanche, CEO, Lending Club · IDENTIFIED FROM THE TRANSCRIPT
“You mean in terms of breakdown of funding? Yeah, we like having the majority of the funding coming from individual investors. We think that that provides a lot of resiliency, particularly in the downturn. It's what a bank would call their core deposit base. It provides that stability.”
2016-03-28 · Decoder with Nilay Patel · Recode Decode: Renaud Laplanche, CEO, Lending Club · IDENTIFIED FROM THE TRANSCRIPT
“It's another 25%. So the remaining 20% comes from true institutional investors. So that's some pension funds, insurance companies, and asset managers. So the asset managers, some of them are credit hedge funds, those are the ones providing most of the funding for a lot of the other platforms. And it's really a small part of our funding.”
2016-03-28 · Decoder with Nilay Patel · Recode Decode: Renaud Laplanche, CEO, Lending Club · IDENTIFIED FROM THE TRANSCRIPT
“I have deposits, it's hard for them to cost efficiently originate these loans, right? And so we give them access to national origination platform, which is also a good way to diversify geographically their exposure to consumer loans. So it's 5.”
2016-03-28 · Decoder with Nilay Patel · Recode Decode: Renaud Laplanche, CEO, Lending Club · IDENTIFIED FROM THE TRANSCRIPT
“Right, yeah. So for the first five years, we did not have any type of institutional. So rich people. No, not rich people. I mean, retail investors are not high net worth individuals. It's really retail offering that's available to the public at large. And so that's very stable, that's very predictable because it's more than 100,000 different active investors who make their own investment decision on any given day. So that's very stable. The other piece of funding that's about 25% is mostly banks. And so here you have a lot of community banks that have money to do.”
2016-03-28 · Decoder with Nilay Patel · Recode Decode: Renaud Laplanche, CEO, Lending Club · IDENTIFIED FROM THE TRANSCRIPT
“So I think that's a very big difference between Landing Club and a lot of these smaller platforms that have joined the space recently and that are sometimes taking shortcuts and giving a lot of institutional capital, which helps you grow fast but really isn't as resilient as the way we operate at Landing Club. So 55% of our funding comes from individual investors. So the majority still comes from individual investors.”
2016-03-28 · Decoder with Nilay Patel · Recode Decode: Renaud Laplanche, CEO, Lending Club · IDENTIFIED FROM THE TRANSCRIPT
“When you started, you had mostly individual investors providing loans to you, and now that's mostly institutional entities, and you had hedge funds and others, and they're all jumping into the game. I think Dan Loebes and SoFi and others.”
2016-03-28 · Decoder with Nilay Patel · Recode Decode: Renaud Laplanche, CEO, Lending Club · IDENTIFIED FROM THE TRANSCRIPT
“Right. But we can also, through that process, achieve a better level of compliance when there's no exception, no judgmental underwriting, we don't know what our customers look like. We can't make a difference whether our customer is a man or a woman or any other protected category. I think automation has really a lot of benefits in compliance, quality of underwriting, quality of a user experience, as well as cost.”
2016-03-28 · Decoder with Nilay Patel · Recode Decode: Renaud Laplanche, CEO, Lending Club · IDENTIFIED FROM THE TRANSCRIPT
“It is a big issue, and what you would have typically at a bank is what we call judgmental underwriting with an underwriter making a decision to approve or decline what you have at Lending Club is purely model-driven underwriting, which helps have a very tight feedback loop and makes no exception to the model, so we know exactly what are the areas where the model is working, when it's not working, and we can rapidly make changes.”
2016-03-28 · Decoder with Nilay Patel · Recode Decode: Renaud Laplanche, CEO, Lending Club · IDENTIFIED FROM THE TRANSCRIPT
“And so if you're like me, just finding your pester or W2 is going to be an adventure. So the way we like to do it is by connecting directly to the payroll processing provider and through an API call, we can immediately verify income and employment and have the employment history that comes with it. So it's a much better service to the user. It's also a lower cost way to verify income because we don't have a lot of people in the operations who work on this. And it's also a way to make the underwriting more accurate because we reduce the risk of human error. Same thing in terms of looking at all the data that makes us decide whether to approve or decline alone.”
2016-03-28 · Decoder with Nilay Patel · Recode Decode: Renaud Laplanche, CEO, Lending Club · IDENTIFIED FROM THE TRANSCRIPT
“That's right. But the automation helps deliver a better experience as well as a low cost. So an example would be the way we verify.”
2016-03-28 · Decoder with Nilay Patel · Recode Decode: Renaud Laplanche, CEO, Lending Club · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, so I mean, I think where it manifests itself is really in our ability to operate at a low cost. So there's a constant quest for automation.”
2016-03-28 · Decoder with Nilay Patel · Recode Decode: Renaud Laplanche, CEO, Lending Club · IDENTIFIED FROM THE TRANSCRIPT
“Maybe just on the technology point, so I couldn't comment about if you have a company, I don't know where their mix is, but as far as Learning Club is concerned, a third of the people who work at Landing Club are in product or technology. So it's out of 1,500 people, 500 of them or product people or engineers. And that's how we see the world. We try to solve as a technology company.”
2016-03-28 · Decoder with Nilay Patel · Recode Decode: Renaud Laplanche, CEO, Lending Club · IDENTIFIED FROM THE TRANSCRIPT
“And so we have cost operations, and the other component is the cost of capital, which is essentially the return that investors want to earn on the loans. And there, I think we've set up a more diversified set of funding sources.”
2016-03-28 · Decoder with Nilay Patel · Recode Decode: Renaud Laplanche, CEO, Lending Club · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, so Landing Club is one of the first of credit marketplaces to have emerged. We are now the clear leader in the space. We're twice as big as anybody else and growing faster. And I think what you see a lot of is essentially platform effect, marketplace dynamics that make the larger marketplace more efficient and more attractive as it gets bigger. So you see more efficiency coming from the benefits of scale. We've, I think, invested more in technology than a lot of the other players. That helped us report in the last quarter is rapidly declining cost of operations. So if you think essentially of the cost of credit as a component of the cost of operations, so everything that has to do with onboarding customers and delivering credit and servicing the loans, so that's highly automated and gives us a lower cost of operations.”
2016-03-28 · Decoder with Nilay Patel · Recode Decode: Renaud Laplanche, CEO, Lending Club · IDENTIFIED FROM THE TRANSCRIPT
“As I said, I think it's not uncommon for the markets to underappreciate new models. I think there are some doubts, there's skepticism, particularly from financial investors. But from our standpoint, we're going to continue to execute, continue to prove and demonstrate the power of the model, continue to grow fast and become more profitable every year and really focus on our customers. We now have 1.4 million customers. We became recently the largest provider of personal loans in America. We have one of the highest customer satisfaction rates in financial services. We have a net promoter score in the high 70s. So I think as long as we continue to deliver great product and a great experience, grow fast and become more profitable, there's no scenario in which the stock price doesn't catch up.”
2016-03-28 · Decoder with Nilay Patel · Recode Decode: Renaud Laplanche, CEO, Lending Club · IDENTIFIED FROM THE TRANSCRIPT
“Write all the loans or essentially bank loans issued by a bank, and so the fee change essentially made the fee earned by the bank variable and dependent on loan performance and loan interest rate. And so by doing so, we're making sure that federal law, the laws that protect the banks, will continue to apply no matter what happens next. So that change came with a marginally higher fee that we said has no material impact to our financials. So it was, I think, a lot of work to put that new structure in place, but it doesn't have any long-term impact on our financials.”
2016-03-28 · Decoder with Nilay Patel · Recode Decode: Renaud Laplanche, CEO, Lending Club · IDENTIFIED FROM THE TRANSCRIPT
“So we are concerned there's a court decision called Madden vs. Midland that came out in May last year and that in circumstances that have nothing to do with marketplace lending to the case about Bank of America that applied state law as opposed to federal law like we've been applying so far. And so we made changes. You've got this to our model exactly to make sure that whatever future court decisions come out, whether the Supreme Court decides to take up the case or not, we protect our investors and our customers from any such court decision.”
2016-03-28 · Decoder with Nilay Patel · Recode Decode: Renaud Laplanche, CEO, Lending Club · IDENTIFIED FROM THE TRANSCRIPT
“But right now you're suffering from the worry about loan quality, obviously, elsewhere, and also regulation, the difficulty of keeping in line with regulation. A lot of online marketplaces have that issue, obviously. There was kind of a massive benefits. Anything that was regulated, there's been some issues around. It doesn't mean you did it. It means that people are worried about that. Same thing with this fee issue. Can you explain that really briefly, what you changed in your business model”
2016-03-28 · Decoder with Nilay Patel · Recode Decode: Renaud Laplanche, CEO, Lending Club · IDENTIFIED FROM THE TRANSCRIPT
“Like network effects, like the fast growth. I mean, if you look at the price line and the travel industry, for example, in 2008, the travel industry was down 30% price line continued to grow very fast at 20 or 25% a year. So I think you're going to see a lot of these dynamics with landing club and other marketplaces.”
2016-03-28 · Decoder with Nilay Patel · Recode Decode: Renaud Laplanche, CEO, Lending Club · IDENTIFIED FROM THE TRANSCRIPT
“Listener, so they understand. Yeah, so we went public at $15 at about $9 today, not quite half. Certainly a disappointing performance disconnected from the company's financial, which you doubled your loans, right? So we've grown faster than we told investors we would at the moment. Your margins are very strong. Our margins have expanded. So the stock might be down by 35%, but the revenue is up 100% and profitability is tripled. So certainly I think there's been a lot of macro factors. But also, I think it's going to take time and it certainly took time for the markets and for investors in general to appreciate the model and understand the model and release up to the benefits of the model. I think what an online marketplace is going to be more resilient in the downturn. I think we have more diversification of both funding sources and the investor side and distribution.”
2016-03-28 · Decoder with Nilay Patel · Recode Decode: Renaud Laplanche, CEO, Lending Club · IDENTIFIED FROM THE TRANSCRIPT
“So, what has been the impact? You went public. The stock is down by half. You've been affected by a lot of things, some of which are not your fault, this situation in China, whether it's at EasyBo or Izubo, who it turned out to be a Ponzi scheme. That doesn't mean all of them are, but it makes the whole sector questionable. And then this recent fee thing that you had to change, explain both of those things for listeners so they understand.”
2016-03-28 · Decoder with Nilay Patel · Recode Decode: Renaud Laplanche, CEO, Lending Club · IDENTIFIED FROM THE TRANSCRIPT
“So, I don't know if the difference is as pronounced as people think sometimes. I think at the end of the day, what investors value is revenue, profitability, and growth. And so if you look at the way any company, typically Internet or software companies have higher multiples because we grow a lot faster. So if you correct for growth, there aren't actually that many differences. So we're not necessarily pushing investors to view us one way or another. What we're really focused on is building the company, building a great service, delivering great product to our customers, and the market will sort itself out.”
2016-03-28 · Decoder with Nilay Patel · Recode Decode: Renaud Laplanche, CEO, Lending Club · IDENTIFIED FROM THE TRANSCRIPT
“Think that the markets include a lot of different investors, and so certainly we have a mix of technology investors and financial investors. Most of our long-term investors or technology growth-oriented investors, at the end of the day, what the company is, what lending club is, is an online marketplace that delivers a financial service. So we really have elements of both an online marketplace. We grow very fast in a very capital light way, and we leverage marketplace dynamics and have a lot of network effects going for us over online marketplaces. But the service we deliver is a financial service. So that comes with higher regulation burden and more constraints and more focus, I think, and more discipline than other internet high-tech companies. Right.”
2016-03-28 · Decoder with Nilay Patel · Recode Decode: Renaud Laplanche, CEO, Lending Club · IDENTIFIED FROM THE TRANSCRIPT
“That's right. We do a lot more things, but at the end of the day, we had technology stack is 30 years old and it's an architecture that's very different from what we built, which is a purpose-built architecture that's very flexible. We release new code every two weeks. We're just on a different pace and have a different mindset. And I think a lot more flexibility than I.”
2016-03-28 · Decoder with Nilay Patel · Recode Decode: Renaud Laplanche, CEO, Lending Club · IDENTIFIED FROM THE TRANSCRIPT
“You know, everybody has technology. I think the main difference is that if Wells Fargo was created today, they would probably build it in a very different way than they did before. And so lots of the big banks today are sitting on a lot of legacy architecture, legacy IT systems that include pretty much every piece of software. And they do”
2016-03-28 · Decoder with Nilay Patel · Recode Decode: Renaud Laplanche, CEO, Lending Club · IDENTIFIED FROM THE TRANSCRIPT
“You can think of Lending Club and marketplace lending as a modern technology powered version of what the credit union has been doing for decades. I think the two main differences, one is the use of technology, and so we operate in a way that's fully online. We have a fraction of the cost that the credit unions have and really a mindset of solving problems with technology. So when there is a bottleneck in the operations, we don't hire more operations people. We hire more engineers and we try to develop better engineering, better architecture that will make that bottleneck go.”
2016-03-28 · Decoder with Nilay Patel · Recode Decode: Renaud Laplanche, CEO, Lending Club · IDENTIFIED FROM THE TRANSCRIPT