Source: Lending Club
Just six months after passing the $2 billion milestone, Lending Club announced today that its platform has originated more than $3 billion in personal loans and is on track to issue $2 billion in 2013 alone.
Using technology to lower the cost of credit, the Lending Club platform has issued 225,000 loans to residents of 44 states.
"It is gratifying to see how many people we've been able to help achieve their goals this year, from consolidating debt to paying off credit cards to completing home improvement projects," said Lending Club CEO Renaud Laplanche. "We plan to maintain our growth into 2014 as Lending Club becomes a mainstream brand, expands into new product categories and continues to offer consistent, high quality products and service to an increasing number of creditworthy consumers."
Since facilitating its first loan in May 2007, Lending Club has more than doubled annual loan volume each year. By using technology and automating processes online, Lending Club matches creditworthy borrowers with investors looking for yield. Borrowers benefit from rates generally lower than credit cards, and the platform's 70,000-plus investors enjoy cash flow and solid returns.
To date, 2013 has been another year of strong, controlled growth for the company. To meet the growing demand for its services, Lending Club has more than doubled its headcount to 300-plus employees and expanded to fill four floors at 71 Stevenson Street in San Francisco.
Earlier this year, Lending Club announced that Google, Inc. took a stake in the company as part of a $125 million secondary transaction. The company's management and advisory teams also continue to grow. Former SVP at Capital One Bank Sid Jajodia recently joined the company to head the small business lending platform. Hans Morris, former Visa President, joined John Mack, Mary Meeker and Lawrence Summers on Lending Club's board of directors, and former U.S. Treasury Assistant Secretary Michael Barr, and Google Senior Vice President Jeff Huber joined the advisory board.
"This has been another good year for Lending Club," continued Laplanche. "I am grateful for all of the hard work and support that the entire team has put in to grow the company into a transformative force in the banking industry, focusing on offering consumer-friendly, low cost products that help people achieve their financial goals."