This Week in Startups E987: The Next Unicorns: Upgrade CEO & Co-founder Renaud Laplanche is empowering users to better understand credit through his consumer credit platform, announces the Upgrade Card, shares insights on taking LendingClub public & how startups have changed since he started his first company in 2000 – E
Oct 12, 2019
Renaud Laplanche, CEO and co-founder of Upgrade, previously founded LendingClub and is now revolutionizing consumer credit. He shares insights on the transition from LendingClub to Upgrade and critiques outdated credit scoring methods. The innovative Upgrade Card aims for responsible credit use. Renaud discusses the evolution of startups since 2000 and reflects on the lending landscape's challenges. He also explores the role of cryptocurrencies and emphasizes the importance of transparency in consumer finance.
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Debt Consolidation Warning
- Be wary of debt consolidation companies' lack of transparency.
- They might negatively impact your credit score, making you undesirable to other lenders for years.
Crypto's Speculative Nature
- Cryptocurrencies have primarily been speculative commodities rather than true currencies due to price volatility.
- The underlying blockchain technology is more interesting for its potential applications, like creating secure transaction records.
Upgrade's Funding Model
- Upgrade uses institutional investors, not peer-to-peer lending, for capital.
- This lowers the cost of credit and allows access to diverse capital sources.