Google partners Lending Club on biz financing programme
15 January 2015 | 11875 views | 0
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.