Lending Club Wins Prestigious World Economic Forum Technology Pioneer Award Named one of the 25 most innovative, young companies worldwide
SAN FRANCISCO, Sept. 1, 2011 /PRNewswire/ -- Lending Club, (http://www.lendingclub.com), the leading platform for investing in and obtaining personal loans, today announced that it has been selected as a World Economic Forum 2012 Technology Pioneer. Lending Club was selected from amongst hundreds of applicants from around the world that hold the promise of significantly impacting the way business and society operate.
"Lending Club is an innovative technology that is disrupting the traditional lending industry to make credit more available and more affordable," said Lending Club CEO Renaud Laplanche. "We looked at lending from a new perspective and created a fundamentally different solution that benefits everyone. Our team is extremely honored to be recognized by the World Economic Forum and to join a group of equally exciting innovators."
Lending Club brings together investors and creditworthy borrowers, utilizing technology to reduce the cost and complexity of traditional lending in order to provide borrowers with better rates and investors with better returns. Focusing on prime and super-prime quality borrowers enables Lending Club's investment platform to generate over a 9.5 percent Net Annualized Return, while offering consumers an APR well below traditional alternatives for similar borrowers.* The company recently surpassed $345 million in total loan originations and is now originating over $23 million in prime consumer loans each month.
"The World Economic Forum annually selects approximately 30 visionary companies in the fields of information technology and new media, energy/environment and life sciences/health," said Olivier Schwab, director, Head of Technology Pioneers, World Economic Forum. "The selected Technology Pioneers represent the latest generation of innovators, poised to have a critical impact on how business and society work."
The identification of the Technology Pioneers is the result of a rigorous selection process, for which the World Economic Forum received hundreds of applications from around the world, which were evaluated by over 50 global technology experts. The selection committee includes leading academics, journalists, technologists and venture capitalists.
Lending Club will be recognized for its work at the Annual Meeting of the New Champions in Dalian, People's Republic of China, from Sept. 14-16, 2011.
For more information on the Technology Pioneers 2012, visit http://www.weforum.org/techpioneers.
About Lending Club
Lending Club brings together investors and creditworthy borrowers, utilizing technology and automation to reduce the cost and complexity of traditional lending in order to offer borrowers better rates and investors 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 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.
About The World Economic Forum
The World Economic Forum is an independent international organization committed to improving the state of the world by engaging business, political, academic and other leaders of society to shape global, regional and industry agendas. Incorporated as a not-for-profit foundation in 1971 and headquartered in Geneva, Switzerland, the Forum is tied to no political, partisan or national interests (www.weforum.org).
* Rate depends upon credit score, loan amount, loan term, and credit usage & history. All loans made by WebBank, a Utah-chartered Industrial Bank. Return data as of August 29, 2011.
SOURCE Lending Club