Lending Club, a company which operates a peer to peer lending marketplace, issued a press release this morning announcing that it had passed more than $10 million in monthly loan originations during May 2010. The company said that this is the first time that any peer-to-peer lending in the United States has funded that amount of money in a single calendar month.
Prosper.com, Lending Club’s primary competitor, is nearing a total of $200 million in total loan originations, however Prosper is now originating loans at a much slower rate than Lending Club. Prosper has struggled to originate more than $2 million in loans each month since its re-launch last year.
On another note, Lending Club has appointed Scott Sanborn as its new Chief Marketing Officer. Sanborn comes newly hired from eHealth, where he served as chief marketing and revenue officer. Before joining eHealth, Sanborn served as the CMO and interim president of e-commerce and catalog retailer RedEnvelope.