The flotation of the online lender extends "a frenzied run of tech IPOs dating back to the second half of last year."
Elevate Credit loans money "to the vast and underserved segment of 170 million non-prime consumers in the U.S. and U.K."
The layoffs are another sign of upheaval in the online lending sector as investors have turned negative on funding firms.
Investors react to the resignation of co-founder Renaud Laplanche by driving Lending Club shares down more than 27%.
The online lending platform will now be open to assets managers and hedge funds that want exposure to "Main Street" borrowers.
