Lending Club, a California-based company that operates a peer to peer lending marketplace, recently revealed that they will be eyeing another round of venture capital in 2011 and that the company should be profitable by “early 2012” in article in Bloomberg News.
Bloomberg interviewed Lending Club CEO Renauld Laplanche in a December 20th article. Author Antone Gonsalves wrote that “Laplanche expects to take in $20 million and says Lending Club is on track to become profitable by early 2012.”
Lending Club has received $52 million from Norwest Venture Partners and other venture capital firms. The company managed about $120 million in loans during 2010, compared to $52 million in loans from 2009. Lending Club generated $7 million in revenue in 2010, up from $3 million in 2009.
Lending Club is an online platform that enables the issuance of and investment in consumer loans. Lending Club brings together investors and creditworthy borrowers — eliminating the 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 Always On 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, ME, MS, 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.
