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LendingClub Records Higher Transaction Fees on the Way to Earnings Beat

Tony Owusu

LendingClub reported a 22% increase in transaction fees that led to a 15% increase in revenue to $174.4 million and adjusted earnings of 2 cents per share. "With 3 million borrowers served and our simplification efforts well underway, we are driving both revenue growth and margin expansion," said Scott Sanborn, CEO of LendingClub. "Our simplification program is transforming LendingClub, enabling us to grow responsibly and increase our operating leverage.