Marlette Funding, the fintech behind the Best Egg personal lender, just hired away rival LendingClub's head of institutional sales. Now, it's dusting off old plans to launch a credit card.
where, among other roles, she headed up the group that structured mortgage-backed securities and other products as the financial crisis hit.
Marlette's C-suite is packed with financial services veterans. Meiler, Jason Swift , and Bobby Riotterbeck all spent time in the Barclays credit card business. Marlette's finance chief, Mark Elbaum, was CFO of Bank of America's Merrill Lynch wealth management business. Before he joined LendingClub, Deringer was an investment banker at Morgan Stanley. He said that he was drawn more to the credit side of Marlette than the tech aspect.
"We spent an enormous amount of time over the first five years getting to know our customer base," said Sabrina Basht, chief strategy officer at Marlette. She said the company would be introducing a secured product "in fairly short order" and bring a credit card to market towards the end of the year. Marlette is also exploring products to help customers save money and improve their credit.
"We don't aspire to be the Baskin-Robbins of the industry with 42 different flavors, but we're talking about two or three different pools to bring to the marketplace," said Meiler. "For them, job one was balancing the supply and demand for loans," Meiler said. For the P2P players, one method to balance borrower supply with investor demand would be to cut rates or soften underwriting standards, he said.
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