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The Lending Club “overnight sensation” (which puts Fintech on the front page) took 7 years. They were founded in 2007
This is about par for the course for a high velocity startup (check out the founding dates for Uber and AirBnB for example, founded just slightly later and now in line for their IPO).
Those 7 years means that the Lending Club team had to work their way through the financial crisis of 2008 and the deep recession/bear market of 2009. These hard times were what gave Lending Club their opportunity to get traction.
This is not the first time that a great company got its chance in tough times. Google was started in 1999 and had to work its way through the “technology nuclear winter” that followed the popping of the Dot Com bubble.
The formula seems to be:
Raise money when it is loose (1999, 2007, 2014).
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