Their public stocks may be cratering, but the online lending industry they're a part of is booming.
That's the backdrop for this week's LendIt conference, an annual gathering of emerging technology-powered financial institutions. Far from the inaugural event in 2013 held for a few hundred people in a stuffy mid-Manhattan conference room, LendIt's attendance has surged to about 3,500 and fills out much of downtown San Francisco's Marriott Marquis Hotel.
The mood, however, is very different from last year.
LendingClub, which pioneered peer-to-peer consumer loans, and On Deck Capital, an online business lender, are the flagship publicly-traded companies at the conference. Shares of each plunged by more than half over the past 12 months and are among the 10 worst performing tech stocks that debuted in the U.S. since the beginning of 2014, according to FactSet.