A lot lessons can be learned from how Prosper and LendingClub started out with disruptive biz models, but were forced to plug into the rest of the legacy financial systems as they scale, and in this process they effectively became lead gen for traditional lenders
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also remember that Prosper was basically two companies. With a buyout and recap under new team basically halfway through if i recall
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I only spent a huge amount of time following the original one. (Which, oh boy, was that educational.)
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(4) isn't quite right. You can beat FICO significantly in most lending applications just by building a model with similar features with your own data. Tough for FICO to compete because it's general purpose. (Source: have done this)
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+1 on both 3) Renaud (LC founder) specifically avoided retail on second try 4) scale -> regulatory attention -> rebalance toward compliance -> reversion to mean
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