Lending Club Expands to Redwood City
Sunnyvale, CA - January 6, 2010 - LendingClub.com, the world leader in peer-to-peer lending (based on the dollar amount of loans issued each month throughout 2009), announced today that it will move its office this month from Sunnyvale, CA to Redwood City, CA.
"Lending Club is growing rapidly and we are in need of a larger space to accommodate this growth. In addition, we feel that by moving to Redwood City we will be able to draw on the talent pool of both San Francisco/Oakland and the South Bay," said John Donovan, Lending Club's COO.
The move comes as the company tripled in size over the past year and the dollar amount of its loans issued continues to increase. In December 2009, the company issued approximately $7.1 million, or $324k in loans per business day, up from less than $118k in loans per business day during January 2009.
Lending Club brings together investors and creditworthy borrowers, and eliminates the high-cost and complexity of traditional banks, offering borrowers better rates and investors higher returns.
About Lending Club
LendingClub.com is the world leader in peer-to-peer lending (based on dollar amount of loans issued each month throughout 2009), bringing together investors and creditworthy borrowers. Lending Club eliminates the high cost and complexity of traditional banks to offer borrowers better rates and investors better returns. Lending Club won the Webby Award in 2008 for the "Best Banking Website" and has been nominated for "Top 100 Innovators" by The Industry Standard. It was recently recognized as one of the 20 "Breakthrough Ideas for 2009" by Harvard Business Review. Founded in 2006, Lending Club is headquartered in Redwood City, CA. More information is available at: http://www.lendingclub.com.
Lending Club Notes are only offered by a prospectus filed with the SEC which contains the risks and uncertainties related to any investment in the Notes. 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, ME, MN, MO, MS, MT, NH, NV, NY, RI, SC, SD, UT, VA, WA, WI, WV, or WY.
Loans are not issued in IA, ID, IN, KS, ME, MS, NC, ND, NE, or TN. Loans are issued by WebBank, an FDIC insured Utah chartered industrial bank located in Salt Lake City, Utah. Borrower must be a US citizen or permanent resident and at least 18 years old. Valid bank account and social security number are required. All Loans are subject to credit approval.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of any securities of LendingClub in any state or other jurisdiction in which such offer, solicitation, or sale would be unlawful.