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We started on Facebook — as an app. Peer-to-peer lending as a social media feature. It actually worked.
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The bank charter changed everything. We went from marketplace to bank, and the economics got 10x better.
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Why should banks make 18% on credit cards when borrowers could pay 8% and investors could earn 6%?
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We've originated over $90 billion in loans. The model works — the challenge was always trust and regulation.
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The internet disintermediated everything except banking. We were trying to change that.