Former Managing Principal of Hilspen Capital Management Joins Lending Club as Managing Director
Redwood City, CA – August 19, 2010 – Lending Club, the world's leading platform for investing in consumer loans, has appointed Joseph Toms, former managing principal of Hilspen Capital Management, as its new managing director. As managing director, Toms will be responsible for the investment side of Lending Club's business and will spearhead an in-depth investment research and communication effort.
"We continue to grow the Lending Club team, adding key people that will help sustain and accelerate our growth. Joe's extensive investing background will be a boon to Lending Club as we grow our investor products and services and reach new categories of investors," said Renaud Laplanche, CEO of Lending Club.
Toms was previously the managing principal of Hilspen Capital Management, a leading provider of innovative asset market research to global institutional investors, including major endowments, pension funds, family offices and hedge funds. Toms also served as the chief investment officer for Compass Global Investors.
"I am thrilled to join the Lending Club team," said Toms. "Lending Club is leading the way in helping reduce the debt burden on American consumers while providing strong returns for investors. Over the past three years and through incredibly difficult economic conditions the company has demonstrated they can resolve structural inefficiencies in the market and generate savings for borrowers and returns for investors.
Prior to Compass Global Investors, Toms served as a director for London-based RAB Global Mining and Gold funds. He was also one of the original shareholders at Fisher Investments where he served as director of research and helped build the firm into one of the preeminent U.S. equity managers.
Lending Club removes inefficiencies from the lending process by providing a platform that enables consumers to obtain fixed rate loans, and investors to capture more of the spread on consumer debt. Since June 2007, investors have earned a Net Annualized Return of over 9.5 percent, and borrowers have obtained loans at rates below marketplace alternatives.
About Lending Club
Lending Club is a peer lending network bringing together investors and creditworthy borrowers. Lending Club eliminates the high cost and complexity of traditional bank lending to offer borrowers better rates and investors better returns. Lending Club was recently recognized as one of the 20 "Breakthrough Ideas for 2009" by Harvard Business Review, has been nominated for "Top 100 Innovators" by The Industry Standard, is on the JMP Hot 100 list, and the AlwaysOn Global 250 Top Private Companies list. In addition Lending Club won the Webby Award in 2008 for the "Best Banking Website". Founded in 2006, Lending Club is headquartered in Redwood City, CA. More information is available at: http://www.lendingclub.com.
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. Borrowers must be US citizens or permanent residents and at least 18 years old. Valid bank account and social security numbers are required. All loans are subject to credit approval.
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.