Head of Capital One Bank Small Business Lending Joins Lending Club

Credit platform appoints Sid Jajodia as VP, small business

Oct 16, 2013, 08:00 ET from Lending Club

SAN FRANCISCO, Oct. 16, 2013 /PRNewswire/ -- Lending Club (https://www.lendingclub.com) today announced that it has appointed Sid Jajodia as vice president, small business. Jajodia previously served as a senior vice president at Capital One Bank, where he oversaw small business lending. He serves on the board of the Small Business Financial Exchange, an industry consortium composed of small business lenders formed to promote the growth and health of the small business credit industry. At Lending Club, he will take a leading role in the launch of a small business lending platform planned for 2014.

"Small businesses are driving both economic growth and job creation, yet are struggling to access capital," said Lending Club CEO Renaud Laplanche. "We will be using Lending Club's low cost operations to make credit more available and more affordable for small business owners and deliver a radically improved customer experience. We are thrilled to welcome Sid as a key member of the team."

Lending Club has facilitated more than $2.6 billion in consumer loans to date, and plans to roll out a small business loan platform next year. Lending Club continues to grow quickly with $203 million in new loans issued through its platform in September 2013. The platform's growth has been fueled by borrowers seeking lower rates and fixed payments, and investors looking for yield.

"Small business owners deserve a better experience and a better deal than the traditional banking system can provide," said Jajodia. "Lending Club has the technology and the focus on customer service required to profoundly transform small business lending and I am thrilled to be joining the team."

While at Capital One, Jajodia spent over 12 years in various credit, marketing and strategy roles across small business and consumer lending. Most recently, he was the head of small business lending at Capital One Bank where he successfully leveraged an information-based strategy to transform their risk management approach.  He is a graduate of Pennsylvania State University's Smeal College of Business.

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 $2.6 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 is profitable and 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: https://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.

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