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SOURCE Lending Club
Lending marketplace tops $5 billion in loans since inception
SAN FRANCISCO, July 8, 2014 /PRNewswire/ -- Lending Club (https://www.lendingclub.com), the nation's leading online credit marketplace, announced today that it has facilitated over $5 billion dollars in consumer and business loans since inception, $1 billion of which was facilitated just in the last quarter ending June 30, 2014.
"This milestone brings us another step closer to our goal of transforming the banking system, one billion at a time," said Lending Club founder and CEO Renaud Laplanche. "We believe we can make the system more cost-efficient, more transparent and more customer friendly, and are committed to offering cost efficient products that help people achieve their financial goals."
Charles Moldow, general partner of Foundation Capital and author of a recent whitepaper on marketplace lending, noted, "This is a milestone not just for Lending Club but for the marketplace lending industry, and I believe it's just the beginning: currently, less than 2 percent of lending revenue is being captured by marketplace lenders in all verticals. I believe options for marketplace lending will continue to develop."
Lending Club was named a CNBC Disruptor 50 last month for the second year in a row. The annual roundup recognizes "the country's most ambitious and innovative companies changing the economy and overall business landscape."
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 investors have enjoyed solid returns. As of June 30, 2014, more than $5 billion in personal loans have been originated through the Lending Club platform, helping more than 362,000 borrowers achieve their financial goals.
In March 2014, Lending Club launched a small business loan platform to help business owners access affordable credit. In April 2014, Lending Club announced the acquisition of Springstone Financial, which provides affordable financing options for consumers looking to finance K-12 education and elective medical procedures through a network of over 14,000 schools and healthcare providers. Lending Club has more than 600 employees as of June 30, 2014 and fills five floors at its San Francisco headquarters.
About Lending Club
Lending Club utilizes technology and innovation to reduce costs and offer borrowers better rates and investors better returns. As of June 30, 2014, over $5 billion in personal loans have been issued through the Lending Club platform, which has more than doubled annual loan volume each year since launching in 2007. The Company has been prominently recognized as a leader for its growth and innovation, including being named one of Forbes' America's Most Promising Companies three years in a row, a 2012 World Economic Forum Technology Pioneer, and one of The World's 10 Most Innovative Companies in Finance by Fast Company in 2013. Lending Club is based in San Francisco, California. More information is available at: https://www.lendingclub.com. Currently only residents of the following states may invest in Lending Club notes: CA, CO, CT, DE, FL, GA, HI, ID, IL, KY (accredited investors), LA, MN, MO, MS, MT, NH, NV, NY, RI, SD, UT, VA, WA, WI, WV, or WY.
Some of the statements in this above are "forward-looking statements." The words "anticipate," "believe," "estimate," "expect," "intend," "may," "plan," "predict," "project," "will," "would" and similar expressions may identify forward-looking statements, although not all forward-looking statements contain these identifying words. The Company may not actually achieve the plans, intentions or expectations disclosed in forward-looking statements, and you should not place undue reliance on forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in forward-looking statements. The Company does not assume any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Information in this press release is not an offer to sell securities or the solicitation of an offer to buy securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.
Additional information about Lending Club is available in the prospectus for Lending Club's notes, which can be obtained on Lending Club's website at https://www.lendingclub.com/info/prospectus.action.
Foundation Capital is an investor in Lending Club; Charles Moldow's white paper, "A Trillion Dollar Market By The People For The People," is available here.
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