14 December 2017
visit http://response.ncr.com

Google partners Lending Club on biz financing programme

15 January 2015  |  12090 views  |  0 cash

P2P lending platform Lending Club has teamed up with Google to offer loans to the Web giant's partner firms.

Google for Work has built up a network of more than 10,000 partners, including resellers, consultants and system integrators.

The new pilot programme will see Google lend its own money to some of these partners, with Lending Club servicing the loans.

The arrangement, Lending Club says, taps its ability to provide credit in an automated, cost-efficient way while enabling Google to drive business growth by investing in its partner network.

The pilot will only cover some Google reseller partners in the US, and will see two year loans of up to $600,000 handed over with an interest-only structure in the first year and a fully amortizing second year.

Renaud Laplanche, CEO, Lending Club, says: "This is a new delivery model for financial services; this programme opens up many possibilities for Lending Club partners to enable credit for consumers and business owners."

In 2013 Google became a minority stake-holder in Lending Club after leading a $125 million deal to buy a share in the firm, which in December went public.

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

Lending Club shares soar on market debut

Lending Club shares soar on market debut

11 December 2014  |  6200 views  |  0 comments | 9 tweets | 7 linkedin
Google buys minority stake in Lending Club

Google buys minority stake in Lending Club

02 May 2013  |  5623 views  |  2 comments | 11 tweets | 4 linkedin

Related company news


Related blogs

Create a blog about this story (membership required)
visit www.response.ncr.comvisit www.atos.netvisit www.solutions.lexisnexis.com

Top topics

Most viewed Most shared
Saxo Bank's 'Outrageous Prediction': Bitcoin to peak at $60k next year before spectacular crashSaxo Bank's 'Outrageous Prediction': Bitco...
12306 views comments | 7 tweets | 7 linkedin
Deutsche Bank paper hails 'huge' blockchain potentialDeutsche Bank paper hails 'huge' blockchai...
9657 views comments | 16 tweets | 22 linkedin
PSD2: Laying the regulatory foundation for a new age in paymentsPSD2: Laying the regulatory foundation for...
8313 views comments | 17 tweets | 36 linkedin
Santander UK poaches Barclays innovation chief Michael HarteSantander UK poaches Barclays innovation c...
7438 views comments | 8 tweets | 17 linkedin
Alior Bank to use Open API platform and accelerator to create fintech marketplaceAlior Bank to use Open API platform and ac...
7360 views comments | 20 tweets | 11 linkedin

Featured job

Germany, Austria or Switzerland

Find your next job