LendingClub Founder Is Back and Wants to Replace Credit Cards

Laplanche stayed under the radar following LendingClub exit
New product blends aspects of credit cards with personal loans

Visa Inc. chip credit cards are arranged for a photograph in Washington, D.C., U.S., on Friday, Oct. 21, 2016. Visa is expected to release fourth-quarter earnings figures on October 24.Photographer: Andrew Harrer/Bloomberg

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By Julie Verhage and Dakin Campbell

April 10, 2018 at 4:01 AM UTC

This article is for subscribers only.

LendingClub Corp. founder and former Chief Executive Officer Renaud Laplanche, who shocked the online lending industry with his controversial departure two years ago, is taking a stab now at shaking up credit cards.

Upgrade, his new San Francisco-based startup, is launching a personal credit line that’s meant to bring together the fixed-rate interest of a loan with the freedom of using a card. While LendingClub was largely used to help consumers refinance credit card debt, this new product is meant to be an alternative altogether.