Lending Club operates a peer-to-peer lending marketplace that connects individual lenders and borrowers to facilitate consumer loans and has expanded into business loans. The company has facilitated $3.8 billion in consumer loans, is growing at a pace of over $750 million a quarter, and has more than doubled annual loan volume each year since launching in 2007. This week it acquired Springstone Financial, a provider of financing for private education and elective medical procedures through a network of over 14,000 schools and healthcare providers. The purchase is intended to expand Lending Club's services to parents and patients seeking affordable, transparent financing options. To support growth the company raised $65 million of equity from T. Rowe Price Associates, Wellington Management, BlackRock and Sands Capital and $50 million of debt. Lending Club has been positioned in the article as evolving toward a modern-day bank and has long been viewed as an IPO hopeful. Lending Club operates an online marketplace that matches individual borrowers with investors, facilitating consumer loans outside traditional banks. The platform has facilitated $1.65 billion in loans to date and saw $350 million in loans in the most recent quarter. It reports 22 consecutive quarters of positive returns and was cash-flow positive for the first time last year. Its wholly owned subsidiary, LC Advisors, has launched several funds and manages more than $450 million in assets. The company added 50 employees last year and is focused on growing awareness, helping borrowers with good credit refinance high‑interest debt, and expanding lending volume. Management is preparing for a potential IPO and hopes to be ready sometime in 2014. Lending Club operates a peer-to-peer lending marketplace that facilitates loans between borrowers and investors. The company is based in San Francisco. It has originated $650 million in loans to date and is adding more than $135 million in new loans each quarter. Following the latest financing the company reports $45 million in unrestricted cash on hand. The business says originations and growth are progressing well. As part of the financing, Kleiner Perkins partner Mary Meeker is joining Lending Club’s board. Lending Club operates an online marketplace for investing in and obtaining personal loans. It aims to provide creditworthy borrowers with better rates and investors with better returns by using technology to reduce the cost and complexity of traditional lending. The company is led by CEO Renaud Laplanche and was founded in 2006 in San Francisco, CA. Lending Club recently surpassed $325m in total loan originations and is issuing over $20m in prime consumer loans each month. The company intends to use proceeds from the financing to continue to expand. Its product centers on matching borrowers and investors through a technology-driven lending platform. Lending Club is a Redwood City, CA-based peer lending network that brings together investors and creditworthy borrowers. The platform aims to match investors seeking higher returns with borrowers seeking lower rates. The company says it offers creditworthy borrowers lower rates and investors higher returns. In April 2010 the company closed a $24.5M funding round to support its growth. CEO Renaud Laplanche stated the investment will be used to further develop the platform, launch new products, offer better service to existing customers and expand the company’s reach to new customers. The article does not disclose revenue or user metrics.

Total raised

$327M

Funding rounds

8

Latest round

Debt Financing

Latest activity

Apr 2014