Matt Levine, Columnist

Lending Club Can Be a Better Bank Than the Banks

If Lending Club were a bank, it would look like a risky bank. Fortunately it's not a bank.

August 27, 2014 at 10:49 PM UTC

Matt Levine is a Bloomberg Opinion columnist. A former investment banker at Goldman Sachs, he was a mergers and acquisitions lawyer at Wachtell, Lipton, Rosen & Katz; a clerk for the U.S. Court of Appeals for the 3rd Circuit; and an editor of Dealbreaker.

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Lending Club, the big peer-to-peer lending company, filed for an initial public offering today. Here's how I vaguely imagined that Lending Club worked, before I read the registration statement:

None of that is exactly wrong, but here is a more accurate picture: 2