Lending Club Exceeds $2 Billion in Personal Loans | LendingClub

Lending Club Exceeds $2 Billion in Personal Loans

Company continues controlled growth, racking up top industry awards

SAN FRANCISCO, CA – July 02, 2013 –  Lending Club ( http://www.lendingclub.com ) today announced its platform has originated $2 billion in total personal loans, less than nine months after reaching $1 billion in November 2012. The Lending Club platform originated $158 million of loans in June alone, and plans to enable a total of $2 billion in personal loans during 2013.

"We are continuing to see an acceleration in user adoption as we accumulate evidence that the Lending Club platform can underwrite, price and service personal loans more efficiently than the traditional banking system and lower the cost of credit for consumers," said Lending Club CEO Renaud Laplanche. "As Lending Club becomes a mainstream brand, we continue to grow our operational capabilities to enable us to offer a consistent, high quality product at an even greater scale."

Lending Club is expanding its team to meet growing demand for its services. The company has already doubled its headcount in 2013, with plans to hire more than 100 additional employees by the end of the year particularly in engineering, risk management, operations, and customer service. To house its growing workforce, the company is expanding its San Francisco headquarters—it has added two additional floors to its south-financial district tower offices, now totaling 63,000 square feet.

Lending Club also continues to add to its collection of prestigious awards. CEO Renaud Laplanche was recently named a winner of the 2013 Ernst & Young Entrepreneur Of The Year Award for Northern California, and is now a nominee for the national award. In addition, Lending Club just won its fourth consecutive AlwaysOn Global 250 Award for being one of the most promising private companies in the global Internet-based sector, and CFO Carrie Dolan recently received the Bay Area CFO of the Year award for emerging companies from the San Francisco Business Times.

The company continued to attract world class technology investors with Google, Inc. taking a stake in the company in May as part of a $125 million secondary transaction.

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 $2 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: http://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.

About AlwaysOn
AlwaysOn is the leading business media brand connecting and informing the entrepreneurial community in the Global Silicon Valley. Founded by Red Herring founding editor, Tony Perkins in 2003, AlwaysOn’s mission is to continue to lead the industry by empowering its readers, event participants, sponsors, bloggers, and advertisers like no other media brand.

About Ernst & Young’s Entrepreneur Of The Year®
Ernst & Young’s Entrepreneur Of The Year is the world’s most prestigious business award for entrepreneurs. The unique award recognizes the significant contributions of entrepreneurs who inspire others with their vision, leadership and achievement.

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.


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Financial Innovation

…[Lending Club’s] rapid progress – loans have roughly doubled every year – has fuelled breathless talks of big banks and credit-card peddlers being 'disrupted' in the same way taxi companies have been by Uber, based just down the road in San Francisco.

The Economist

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