“The fact that Jefferies is advising [Upgrade] should tell you something,” said John Buttrick, a partner at Union Square Ventures. “[Renaud] is one of the best entrepreneurs we’ve ever worked with, full stop.” Mr Laplanche noted that since leaving Lending Club last May and launching Upgrade almost a year later, outstanding balances on credit cards in America grew by about $50bn. The total stood at $1.022tn at the end of June, according to Federal Reserve data.

https://www.ft.com/content/ee7b7e42-9295-11e7-a9e6-11d2f0ebb7f0