With a recession looming, consumer spending and overall financial health is under pressure, creating a tricky environment for B2C fintech lenders.

Today, thereʼs less demand for consumer loans, and lenders are tightening their credit books. The ʻcautious approachʼ narrative prevails in many interviews and conference calls.

But not every fintech lender is the same. There are many business models currently on the market – some more successful than others – and on most of them, the juryʼs still out. Most havenʼt been tested yet by a down market, which is one of the biggest hurdles to overcome for any lender.

In this context, I sat down with Renaud Laplanche, CEO at Upgrade, one of the main direct-to-consumer fintech lenders in the US. We discussed the macro environment, and how he designed Upgradeʼs business model in a way that is proving resilient during these turbulent times.

To read the transcript of our conversation, head over to Tearsheet.co.