Lending Club, a peer to peer lending company based out of California, will be moving its headquarters from Redwood City to downtown San Francisco later this year, according to a report from the San Francisco Business Journal.
Lending Club CEO Renaud Laplanche told the Business Journal that the company is still negotiating its lease for the new space. As a result, the company has not released details about the space that Lending Club, which has 50 employees, will take over. Lending Club is now moving out of the Plug and Play Tech Center incubator and moving in to its own space, a sign of the company’s growth.
Lending Club saw significant growth in 2010, hiring a new CFO and CMO. The company is also seeing significant growth in loan origination each month. During the month of December, Lending Club issued more than $13.4 million in loans.
Laplanche said that he believes Lending Club’s success over the last three and a half years is the result of its decision to only make loans to creditworthy borrowers. “We decided to be conservative and focus on strong borrowers since we were creating a new asset class that would already face investor skepticism,” said Laplanche to the Business Journal.
About Lending Club
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.
