Google Takes Minority Interest in Lending Club Investment part of a $125 million secondary round
SAN FRANCISCO, May 2, 2013 /PRNewswire/ -- Lending Club (http://www.lendingclub.com) today announced that Google has acquired a minority stake in the company. The investment by Google came as part of a secondary transaction whereby new and existing investors acquired shares from existing investors. Buyers include Google and existing investor Foundation Capital.
"Lending Club is using the Internet to reshape the financial system and profoundly transform the way people think of credit and investment," said Google's David Lawee. "We are excited to be a part of it."
As part of this investment David Lawee will take an observer seat on the Lending Club Board alongside existing Board members including Mary Meeker, John Mack and Larry Summers.
"Few companies have such an in-depth understanding of the Internet as Google," said Lending Club CEO Renaud Laplanche. "We believe our relationship with Google will be very helpful in better serving our customers. We couldn't be more excited to have them on board."
Lending Club continues its significant growth with more than $1.65 billion in loans facilitated since inception including over $350 million in the last quarter. By focusing on high-credit-quality borrowers, the Lending Club platform has generated 22 consecutive quarters of positive returns. The company's wholly-owned subsidiary LC Advisors, an SEC Registered Investment Advisor, has launched several funds in the last 2 years and now has more than $450 million in assets under management.
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 $1.65 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 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.
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.
Assets under management as of April 30, 2013.
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.
SOURCE Lending Club