Inspiration & Insights from LendIt 2014

I’d like to thank all of the leading and emerging online lending platforms, the industry’s investors as well as its infrastructure and service providers who traveled from all four corners of the globe to attend LendIt 2014. Working with the LendIt team to provide the industry with its annual forum has been one of the highlights of my career, as has witnessing the progression of the online lending industry through the remarkable achievements of LendIt participants.

With nearly 1000 participants, LendIt 2014 was by far the largest and most impressive crowdfinance forum to date. While its size helped command attention from both social as well as mainstream media channels, I was more impressed by the energy exhibited during the two day event.  I felt inspired by the sense of camaraderie among LendIt participants, and encouraged to see the positive impact that online or “marketplace” lending is having on investors, consumers and small businesses around the world.

Resonating throughout LendIt 2014’s presentations, panel discussions and exhibit hall was the sentiment of competitors acting more like collaborators. While attendees remain focused on growing their respective businesses, there was a general attitude that they are also working, collectively, on building an industry – an industry that according to Renaud Laplanche, Lending Club’s CEO and LendIt 2014 keynoter, “has become a global phenomenon”.

Below are a compilation of inspirational and enlightening quotes that emerged from LendIt 2014:

• “Sharing economy companies are now 3 out of the top 8 private technology companies in the U.S.” – Renaud Laplanche, CEO of Lending Club
• “I predict $6B in p2p originations in 2014.” – Peter Renton, Founder of Lend Academy and Co-founder of LendIt
• “We believe that there are lots of loans to go around, both for the retail and institutional communities. We want to take care of our retail base.” – Ron Suber, President of Prosper
• “We have declined opportunities to do synthetic products.”- Ron Suber, President of Prosper
• “Our goal is to create more transparency in the marketplace.” – Rob Frohwein, CEO of Kabbage Inc
• “We help businesses through good markets and bad.” – James Mendelsohn, CMO of CAN Capital
• “In the UK, 100% of investors with a maximum of 1% exposure to any single business have earned positive returns; 70% earn over 6%.” – Sam Hodges, Founder & Managing Director, Funding Circle USA.
• “Community can’t be the strategy of the company, it should be the soul of the company.” – David Klein, CEO of CommonBond
• “1.1 million people have made a loan on Kiva – three quarters of the loans have gone to women.” – Premal Shah, President of Kiva
• “Socially conscious investing is just beginning!” – Chris Walcott, President of Semble
• “The muscle is now there for a secondary market for real estate crowdfunding” – Tom Lockard, VP of Institutional Sales at Fundrise
• “We have no problem financing ugly assets.” – Jilliene Helman, CEO of Realty Mogul
• “We’re seeing lots of retirement capital flooding into p2p lending” – Ron Suber, President of Prosper
• “There needs to be reform of financial education, regulation & innovation.” – Michael Barr, former assistant secretary at U.S. Department of the Treasury and Lending Club Advisor
• “Lending Club is using dynamic disclosure tools to empower the consumer.” – Michael Barr, former assistant secretary at U.S. Department of the Treasury and Lending Club Advisor
• “Investors are thirsting for alternative assets.” – Steve Wallman, CEO of FolioFN
• “Technology allows humanity to scale.” David Snitkoff, co-founder of Orchard
• “Marketplace Lending is a trillion dollar market by the people, for the people.” – Charles Moldow, General Partner of Foundation Capital
• “Half of millennials think that banking will be reinvented by startups.” – Charles Moldow, General Partner of Foundation Capital
• “Americans deserve access to better forms of credit.” – Mike Armstrong, CMO of ZestFinance

I’ve always believed that one can predict the success of an industry by growth and enthusiasm of its annual conventions. Using LendIt as a benchmark, it is clear that the future of banking lies in online lending. As Prosper’s President, Ron Suber, perfectly asserted in his state of the industry address, “disruption has finally become revolution.”

For those who missed the event, all of the sessions will soon be available on http://lendit.tv. Stay tuned for further details.

I look forward to seeing you all at LendIt Europe on November 17, 2014 and at LendIt 2015 in New York City next Spring!