Lending Club Platform Surpasses $3 Billion in Personal Loans
Leading credit platform on track to originate $2 billion in 2013 alone
SAN FRANCISCO – Dec 5, 2013 /PRNewswire/ –
Just six months after passing the $2 billion milestone, Lending Club (https://www.lendingclub.com) 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."
About Lending Club
Lending Club utilizes technology and innovation to reduce the cost of traditional banking and offer borrowers better rates and investors better returns. Over $3 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 is profitable and has been prominently recognized as a leader for its growth and innovation, including being named one of Forbes' America's Most Promising Companies in 2011 and 2012, 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.