LendingClub Names Former Bakkt Exec Drew LaBenne as CFO

LendingClub has named Drew LaBenne as its new chief financial officer, the digital bank announced Thursday (July 28).

LaBenne, formerly the chief financial officer of the digital asset marketplace Bakkt, is set to begin his duties on Sept. 1, the San Francisco company said in a news release, taking over for chief financial officer Tom Casey, who is retiring. Casey will continue to support the company “in a non-executive capacity” for the remainder of the year.

LendingClub CEO Scott Sanborn praised LaBenne’s experience in both retail and commercial banking and some of the world’s highest-profile financial institutions.

“He is also completely aligned with the multiple ways we can use technology to deliver better outcomes for consumers in managing their money,” said Sanborn. “His acumen and experience make him uniquely qualified to help lead LendingClub as we combine the innovation of a fintech with the operating discipline of a digital bank.”

In addition to working for Bakkt, LaBenne has served as chief financial officer of Amalgamated Bank and managing director and chief financial officer of JP Morgan Chase’s business banking operations. He also spent 17 years at Capital One Financial, where his positions included chief financial officer of Retail Banking.

Learn more: LendingClub Says Consumer Stress Driving Increase in Credit Card Balances and Demand for Loans

LaBenne said he has been watching LendingClub’s evolution since it became a national digital bank in 2021.

“The company is combining the best of both worlds – the growth and agility of a fintech with the profitability and resilience of a bank,” he said.

Earlier this week, LendingClub reported that while its digital banking model is still humming along, its core consumer loan business is gaining traction in an inflationary environment, where maintaining traditional consumer debt is becoming difficult.

“Credit card balances are now back above pre-pandemic levels and credit card rates are rising,” Sanborn said on a conference call. “This is driving strong borrower demand for personal loss. Accordingly, we grew loan volume by 19%.”

Meanwhile, revenue of $330.1 million rose 61% since last year, thanks to the growth in net interest income and marketplace revenue, which increased 36%. The consumer marketplace originations were up 29% to $2.8 billion, the company said.