28 August 2016
Find out more

Lending Club preps $500m IPO

28 August 2014  |  3718 views  |  0 Success!

Peer-to-peer loan specialist Lending Club has filed with US regulators for an initial public offering in which it hopes to raise $500 million.

The number of shares to be sold and the price range for the proposed offering have not yet been determined. Morgan Stanley, Goldman Sachs and Citi have been brought in as underwriters.

Lending Club launched in 2007, providing an online forum where potential borrowers and lenders can thrash out terms of a deal. Initially it operated within Facebook but soon broke out, claiming strong interest in its services.

However, the following year the start-up, and the entire nascent social lending industry, ran into regulatory trouble. Lending Club and rivals Prosper and Loanio were all forced to stop taking new loans and register with the SEC.

Since overcoming these hurdles, the company has gone from strength to strength, establishing itself as the industry leader. It has now facilitated more than $5 billion in consumer and business loans, $1 billion of which came in just the quarter ending at the end of June.

Last May Google become a minority stake-holder in the platform after leading a $125 million deal to buy a share in the peer-to-peer loan specialist from existing investors. Big hitters including former US Treasury Secretary Lawrence Summers and ex Morgan Stanley boss John Mack are on its board.
KeywordsFINDEX

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Santander to refer small biz customers to P2P lender Funding Circle

Santander to refer small biz customers to P2P lender Funding Circle

18 June 2014  |  8457 views  |  0 comments | 20 tweets | 13 linkedin
Union Bank joins forces with P2P loan platform Lending Club

Union Bank joins forces with P2P loan platform Lending Club

06 May 2014  |  6294 views  |  1 comments | 10 tweets | 4 linkedin
P2P lending shows big upswing in 2013

P2P lending shows big upswing in 2013

03 February 2014  |  5718 views  |  0 comments | 12 tweets | 8 linkedin
Zopa raises £15 million funding

Zopa raises £15 million funding

30 January 2014  |  4758 views  |  1 comments | 6 tweets | 2 linkedin
Google buys minority stake in Lending Club

Google buys minority stake in Lending Club

02 May 2013  |  5173 views  |  2 comments | 11 tweets | 4 linkedin
Ex-Morgan Stanley chief Mack joins Lending Club board

Ex-Morgan Stanley chief Mack joins Lending Club board

12 April 2012  |  4108 views  |  0 comments
Prosper closes in on series d funding

Prosper closes in on series d funding

01 April 2010  |  6738 views  |  0 comments
Lending Club shuts down P2P loans

Lending Club shuts down P2P loans

14 April 2008  |  8762 views  |  0 comments
Lending Club moves out of Facebook with new community site

Lending Club moves out of Facebook with new community site

14 September 2007  |  7587 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit capgemini.comFind out moreVisit equens.com

Top topics

Most viewed Most shared
hands typing furiouslyBig Data's Three Big Trends in 2016
7788 views 5 | 22 tweets | 13 linkedin
hands typing furiouslyHow Banks Are Losing Millions by Ignoring...
7583 views 11 | 24 tweets | 10 linkedin
Nordea looking for AI and blockchain breakthroughsNordea looking for AI and blockchain break...
6604 views comments | 17 tweets | 21 linkedin
R3 blockchain consortium sheds light on Concord projectR3 blockchain consortium sheds light on Co...
6094 views comments | 14 tweets | 14 linkedin
India's Unified Payments Interface goes live with 21 banksIndia's Unified Payments Interface goes li...
5774 views comments | 16 tweets | 18 linkedin

Featured job

Find your next job