30 March 2017
visit http://events.sap.com/gb/fsi-forum-2017/en/home

Google partners Lending Club on biz financing programme

15 January 2015  |  11747 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  |  5845 views  |  0 comments | 9 tweets | 7 linkedin
Google buys minority stake in Lending Club

Google buys minority stake in Lending Club

02 May 2013  |  5360 views  |  2 comments | 11 tweets | 4 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit abe-eba.euVisit capgemini.com

Who is commenting?

Top topics

Most viewed Most shared
Danish banks add Dankort payments to mobile walletsDanish banks add Dankort payments to mobil...
15512 views comments | 2 tweets | 7 linkedin
MAS to roll out national KYC utility for SingaporeMAS to roll out national KYC utility for S...
12870 views comments | 33 tweets | 46 linkedin
hands typing furiouslyTwo key technologies driving Machine Learn...
9215 views 0 | 16 tweets | 4 linkedin
Moven strikes gold with TD Bank licensing extensionMoven strikes gold with TD Bank licensing...
7916 views comments | 22 tweets | 19 linkedin

Featured job

Six Figure Base + Commission + Stock Options
London

Find your next job