According to corporate filings in several states, Renaud Laplanche has started a new online lender called Credify Finance. Mr. Laplanche is working with former LendingClub executives who were also forced out of the company in May and a former U.S. Treasury official.
Credify is still in the early stages of development. The company hopes to start extending credit to consumers in 2017, according to people familiar with the firm’s plans. It estimates it will generate $50 million in revenue next year, according to one state filing. Mr. Laplanche, who declined to comment on Credify, was once the face of the online lending industry, which grew from virtually nothing in 2006 to nearly $29 billion in consumer loans alone last year, according to researchers at the University of Cambridge’s Centre for Alternative Finance and the University of Chicago’s Polsky Center for Entrepreneurship and Innovation.