Lending Club Announces $24.5 Million in Series C Funding Foundation Capital Leads Round to Further Develop Lending & Investment Platform
REDWOOD CITY, Calif., April 14 /PRNewswire/ -- Lending Club, the world's leading peer lending network, today announced the closing of a $24.5 million investment round. Foundation Capital led the round and was joined by existing investors including, Morgenthaler Ventures, Norwest Venture Partners and Canaan Partners.
"Lending Club is ideally positioned to capture a significant share of the US banking and investment market over the next five to ten years," said Charles Moldow, General Partner at Foundation Capital. "The Lending Club team has built a stellar track record in a challenging environment and now has the data to show that the economic model works and delivers tremendous value to both borrowers and investors."
Lending Club brings together investors and creditworthy borrowers. By cutting out banks, Lending Club cuts down the high cost and complexity of bank lending and offers borrowers lower rates and investors higher returns.
"We are grateful to our new and existing shareholders for their support and commitment to Lending Club's growth and success," said Renaud Laplanche, CEO of Lending Club. "This latest investment gives us considerable resources to further develop our platform, launch new products, offer better service to our existing customers and expand our reach to a whole new set of customers."
Lending Club captured 79% of the US peer lending market in March 2010 with $8,664,750 in monthly loan originations.
Additional information about Lending Club is available in the prospectus for Lending Club's notes, which can be obtained on Lending Club's Web site at http://www.lendingclub.com/extdata/prospectus.pdf.
About Lending Club
Lending Club is a peer lending network bringing together investors and creditworthy borrowers. Lending Club eliminates the high cost and complexity of traditional bank lending to offer borrowers better rates and investors better returns. Lending Club won the Webby Award in 2008 for the "Best Banking Website" and has been nominated for "Top 100 Innovators" by The Industry Standard. It was recently recognized as one of the 20 "Breakthrough Ideas for 2009" by Harvard Business Review. Founded in 2006, Lending Club is headquartered in Redwood City, CA. More information is available at: http://www.lendingclub.com.
Lending Club Notes are only offered by a prospectus filed with the SEC which contains the risks and uncertainties related to any investment in the Notes. 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, ME, MN, MO, MS, MT, NH, NV, NY, RI, SC, SD, UT, VA, WA, WI, WV, or WY.
Loans are not issued in IA, ID, IN, KS, ME, MS, NC, 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 number are required. All loans are subject to credit approval.
About Foundation Capital:
Founded in 1995, Foundation Capital is a venture capital firm with a single purpose: building great companies. It is this entrepreneurial spirit along with a deep technical expertise that gives the partners the understanding, perspective, and enthusiasm to help promising companies in their formative stages. Foundation Capital targets innovative opportunities in cleantech, consumer Internet and infrastructure; telecommunications and networking; and enterprise software and on-demand services. www.foundationcapital.com
SOURCE Lending Club