This article was originally featured on Tech.co
By Dusty Wunderlich
It’s been a long time coming: The financial industry is being torn down and built back up from scratch, and this evolution is mostly being led by upstarts. You know, the ones that fancy themselves technology firms — not financial companies.
Take LendingClub, for example. Probably the highest-profile success story in the fintech space, its founders built a smooth and intuitive platform that connects borrowers with lenders. But instead of gaining access to loan programs, the funds come from investors looking for solid returns — at much lower interest rates than a corporate bank could offer.
LendingClub cuts out the middleman and uses data science to assess risk, credit ratings and interest rates to create a lending marketplace like none other. It has redefined the inner functions of lending and forever altered how people think about the industry. Read the full article here.