Why Recessions Forge Great CEOs Who Think Beyond Cost-Cutting
04/15/2025
No Comments
But the CEOs who make history in downturns aren’t the ones with the deepest cuts
October 4, 2021: -U.S. fintech start-up Upgrade is set to enter the increasingly crowded buy now, pay later market.
Upgrade, founded by former LendingClub boss Renaud Laplanche in 2016, is a digital banking start-up that offers people payment cards and personal lines of credit.
Different from a credit card, the consumers revolve their balance; Upgrade takes all the purchases someone makes in a month and creates an installment plan for paying down the debt. The payment plans are typically long-term, ranging from six to 36 months, and charge a fixed interest rate.
Now, Upgrade plans to launch a buy, pay later-style product that lets users pay off their debt in four months instead of accruing any interest. The company is expecting to debut the new service in the coming months, Laplanche told CNBC.
“We are working on a version of the Upgrade Card that’s better suited for smaller expenses,” Upgrade’s CEO said. “In that case, we don’t need to charge interest because it’s a smaller amount,” he added.
Buy now, pay later, or BNPL has surged to become a $100 billion industry thanks mainly to the coronavirus pandemic, accelerating the growth of shopping online.
BNPL services let shoppers spread the cost of their purchases over three or four months. Rather than charging consumers, BNPL companies make their money by taking a small fee from merchants on each transaction.
Upgrade’s products will be different from those offered by firms like Klarna, Affirm, and Afterpay. Instead of adding a checkout option on merchants’ websites, Upgrade will lump a user’s card purchases together and invoice them what they owe over four months.
“What we like about embedding the product into a card is the broader acceptance,” Laplanche told CNBC. “BNPL often relies on partnerships with merchants.”
“It’s starting to get mainstream online,” he added. “But not so much in-store.”
Before starting Upgrade, Laplanche helped grow LendingClub into the world’s largest peer-to-peer lending platform, connecting investors with borrowers through its marketplace. However, he was ousted in 2016 amid irregular loan practices and Laplanche’s alleged lack of disclosure over a personal investment.
But the CEOs who make history in downturns aren’t the ones with the deepest cuts
Companies invest millions in leadership development, yet many of their best executives leave within a few years. Why?
The most successful business leaders don’t just identify gaps in the market; they anticipate future needs before anyone else.
With technological advancements, shifting consumer expectations, and global interconnectedness, the role of business leaders
The leadership landscape is profoundly changing, influenced by technological advancements, shifting workforce expectations, and the need for adaptability in an unpredictable global environment.
In the fast-paced business world, corporate leaders often find themselves at the crossroads of risk and reward, where bold decisions …
April 24, 2025: Silicon Valley is experiencing a sharp recalibration in artificial intelligence investment, with signs of AI fatigue emerging across venture capital
April 23, 2025: The Canadian government has introduced new legislation to regulate the use of artificial intelligence in education and healthcare, focusing on accountability,
April 17, 2025: Prime Minister Justin Trudeau s government is under growing political pressure over its current immigration strategy.
But the CEOs who make history in downturns aren’t the ones with the deepest cuts
Leave us a message
Subscribe
Fill the form our team will contact you
Advertise with us
Fill the form our team will contact you
