Dealbook profiles former Lending Club CEO and his new startup Upgrade, which will compete directly with Lending Club and has raised $60m of fresh venture capital.
Renaud Laplanche, the former chief executive at Lending Club, was ousted from his job there last year. He was set to start a new online lender, Upgrade, this week. Credit Carlos Chavarría for The New York Times Renaud Laplanche was the quintessential Silicon Valley success story, until he wasn’t. Mr. Laplanche, a French-born entrepreneur, co-founded Lending Club in 2006, creating not only a new company but also a new model for borrowing money online. He took Lending Club public late in 2014 and joined the ranks of the Silicon Valley elite. Then last May, he was ousted abruptly from the company he had built. The board that he had put together turned up falsified loan records and conflicts of interest under Mr. Laplanche’s watch, and almost overnight, he was cast aside.