Lending Club Originates $400 Million in Personal Loans
Capital invested through the Lending Club platform growing by more than 150% year-over-year
SAN FRANCISCO, Nov. 3, 2011 /PRNewswire/ -- Lending Club (http://www.lendingclub.com), the leading platform for investing in and obtaining personal loans, today announced that a record $400 million in total loan originations have been issued through the platform since inception.
The milestone comes less than four months after Lending Club reached $300 million in total loan originations in July. A record $27.5 million in personal loan originations in October contributed to the milestone. Lending Club loan originations are growing by more than 150 percent year-over-year, and the platform has now paid investors more than $33 million in interest.(1)
"Lending Club has had a monumental year, with growth averaging 10 percent month-over-month and continuing to accelerate," said Lending Club CEO Renaud Laplanche . "We believe the rapid growth in capital invested through our platform, coupled with the growth of our team to include executives with decades of experience in investment management, has us poised to finish the year with a bang, and move into 2012 with tremendous momentum."
By focusing on prime and super-prime quality borrowers, Lending Club has established a four-year, $400 million track record in which Prime Consumer Notes generated 17 consecutive quarters of positive returns and average annual returns of 5.5 percent to 12 percent depending on loan grades.(2)
In addition to passing the $200 million, $300 million and $400 million milestones, 2011 highlights for Lending Club have included welcoming Union Square Ventures as an equity investor and partner, the addition of more than $30 million in new platform investment capital in September alone, announcing Peter J. Thomson as the anchor investor in LC Advisors' Conservative Credit Fund, and obtaining recognition by the World Economic Forum as a 2012 Technology Pioneer. The company also expanded its LC Advisors team in October with the hire of former Angelo, Gordon and Co. partner Brad Pattelli , and Jeff McCarthy , former SVP of Jefferies & Company, Inc.
About Lending Club
Lending Club brings together investors and prime borrowers, utilizing technology and innovation to reduce the cost of traditional lending in order to provide borrowers with better rates and investors with better returns. Founded in 2006 and based in San Francisco, CA, Lending Club has been recognized for its results and innovation by the Harvard Business Review and Dow Jones, was recently named a World Economic Forum Technology Pioneer and featured in major publications, television and radio shows. More information is available at: http://www.lendingclub.com.
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.
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. 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.
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.
Katherine (at) atomicpr.com
(1)$33,718,754 in interest as of November 2, 2011.
(2)Past performance is no guarantee of future performance. Investments may lose value.
SOURCE Lending Club
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