LendingClub has a new chief lending officer.
The San Francisco online lender said in a press release Monday that it had hired Ronnie Momen to oversee its credit strategy, including credit data use, analytics and innovative products. Momen will report directly to Steve Allocca, LendingClub's president.
Momen previously was chief credit officer at the fintech company GreenSky. He was also chief credit officer for consumer unsecured products at Wells Fargo, where he was in charge of building risk capabilities for the company's card and private-label products.
"Assessing risk is the heart of our business,” Scott Sanborn, LendingClub's CEO, said in the release. “It gives us the ability to offer access to affordable rates to borrowers and deliver quality returns to investors. ... We've found the right person to lead our innovative efforts on credit forward as we continue to build a financial services ecosystem with LendingClub at its center.
The $4.3 billion-asset LendingClub operates a digital platform that connects individual, hedge fund and bank investors with borrowers, usually consumers seeking to refinance credit card debt. In April, the Federal Trade Commission filed a lawsuit against LendingClub for charging borrowers fees without notifying them.
The company, which lost $31.2 million in the first quarter, has projected a loss of $10 million to $20 million for the second quarter. It also expects to lose $55 million to $70 million for the full year.