23 October 2017
visit www.avoka.com

Lending Club exceeds $1 billion in personal loans

05 November 2012  |  1514 views  |  0 Source: Lending Club

Lending Club, the leading platform for investing in and obtaining personal loans, today announced that it has enabled more than $1 billion in personal loans.

With originations and servicing revenue sharply accelerating, Lending Club announced that it has generated positive cash flow for the preceding quarter.

San Francisco-based Lending Club has experienced tremendous growth since it began in 2007, with facilitated loan volumes doubling each year and on pace to triple in 2012. With $82 million in personal loans facilitated in the month of October, Lending Club is also on a $1 billion annual run rate.

"The platform has now reached a scale and stability that makes it even more attractive to borrowers and investors," said Lending Club CEO Renaud Laplanche. "Larger commitments from a wider base of investors mean a faster funding process for qualified borrowers, and higher loan volumes mean more choices for investors and more efficient pricing overall."

2012 Lending Club highlights include:

John Mack, chairman emeritus and former CEO at Morgan Stanley and Mary Meeker, general partner at Kleiner Perkins Caufield & Byers joined Lending Club's board of directors.
Kleiner Perkins and Mr. Mack made a combined $17.5 million equity investment in the company, bringing the total funding raised by Lending Club to more than $100 million. The company now has more than $50 million in cash and securities.
Key hires have included Visa veteran John MacIlwaine as chief technology officer, and former E*TRADE general counsel Russell Elmer as deputy general counsel of Lending Club, and general counsel and chief compliance officer of LC Advisors, Lending Club's wholly-owned subsidiary.
Lending Club's wholly-owned subsidiary LC Advisors surpassed $250 million in assets under management. Its Broad Based Consumer Credit Funds have provided a 9 percent net return to investors after fees and credit losses.*
Since Jan. 1, 2012, the company has added more than 50 employees, nearly doubling the size of its technology and risk management teams and bringing total headcount to 125. To accommodate future growth, Lending Club has douub has doubled the size of its San Francisco headquarters.

Lending Club reduces the cost of traditional banking to offer borrowers better rates and investors better returns. The platform's growth has been largely fueled by borrowers looking for lower rates. More than 72 percent of borrowers on the platform report using their personal loans to pay off existing credit card balances. By focusing on high-credit-quality borrowers, Lending Club's platform has also generated 21 consecutive quarters of positive returns.

Comments: (0)

Comment on this story (membership required)

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.innotribe.comvisit www.fivedegrees.nlRegister now

Top topics

Most viewed Most shared
Mastercard to roll out blockchain APIMastercard to roll out blockchain API
19604 views comments | 29 tweets | 42 linkedin
HSBC partners Bud for open banking trialHSBC partners Bud for open banking trial
15249 views comments | 23 tweets | 32 linkedin
Sibos 2017: API or the highwaySibos 2017: API or the highway
10999 views comments | 12 tweets | 23 linkedin
Eight banks form joint venture to launch blockchain trade platformEight banks form joint venture to launch b...
9068 views comments | 14 tweets | 28 linkedin

Featured job

Competitive
New York, NY - USA (some flexibility on location)

Find your next job