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Lending Club’s site goes down

TechCrunch TechCrunch 8/06/2016 Connie Loizos

Lending Club’s site has gone down tonight, prompting at least one nervous investor to tweet out his concern that “[a]s a long time investor there, I am worried that they have closed down.”

A automated customer service message states that the company’s customer service is now closed, per its usual business hours, which end at 5 pm PST. But the company itself tweeted at roughly 4:30 pm PST that it’s working to resolve a data center outage.

The outage comes at a strange time for the publicly traded company. Its share rose today after Reuters reported that recently ousted CEO and founder Renaud Laplanche may be planning a takeover with the help of unnamed private equity firms and banks.

Likely, the online lending company is a takeover target either way.

Less than a month ago, the company revealed in an SEC filing that in the wake of Laplanche’s departure, investors who “contributed a significant amount of funding” for loans are now examining that performance “or are otherwise reluctant to invest.”

That puts the company is a compromised position, one that may has more traditional banks with older and less agile technology wondering whether they should take advantage of it.

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