SAN FRANCISCO, Feb. 3, 2015 /PRNewswire/-- Lending Club (NYSE: LC), the world's largest online marketplace connecting borrowers and investors, and Alibaba.com, the leading platform for global wholesale trade owned by Alibaba Group (NYSE:BABA), today launched a strategic, multi-year partnership making Lending Club the exclusive solution for point of sale business financing for up to $300,000 for Alibaba.com's millions of U.S. business buyers.
Under the newly formed partnership and a new product called "Alibaba.com e-Credit Line powered by Lending Club," U.S.-based business buyers can apply for the critical working capital they need when purchasing goods from China-based suppliers on Alibaba.com.
Michael Lee, Alibaba.com's global marketing and business development director, said, "Our mission is to make it easy to do business anywhere. We want to make financing as efficient as possible for the millions of U.S. buyers that do business through Alibaba.com and are pleased to bring Lending Club's simple, low cost and transparent financing products to our U.S. buyers."
"We share Alibaba.com's commitment to enabling frictionless global ecommerce by U.S. small businesses," said Lending Club's founder and CEO Renaud Laplanche. "We believe that access to affordable credit through Alibaba.com and the Lending Club platform can become a competitive advantage for small businesses across America."
With this new product, a U.S.-based small business can apply in under five minutes through a streamlined process and obtain a line of credit from $5,000 to $300,000 to make a payment to a supplier for purchases on Alibaba.com. The line of credit matches repayment terms to the cash flow cycles of the business, vets suppliers and shipments, and even transfers the funds directly to the supplier. Monthly fixed interest rates start at 0.5%. For more information, go to http://credit.alibaba.com/ecl/buyer.htm
About Lending Club
Lending Club's mission is to transform the banking system to make credit more affordable and investing more rewarding. The company's technology platform enables it to deliver innovative solutions to borrowers and investors. Since facilitating its first loan in May 2007, Lending Club has more than doubled annual loan volume each year. As of September 30, 2014, more than $6 billion in loans had been originated through the Lending Club platform, helping more than 400,000 borrowers achieve their financial goals.
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, MA, ME, MN, MS, MT, NH, NV, NY, RI, SD, UT, VA, VT, WA, WI, WV, or WY. All loans issued through Lending Club are issued by WebBank, an FDIC insured Utah-chartered industrial bank located in Salt Lake City, Utah, Equal Housing Lender. Currently lines of credit under this program are not available to borrowers in Iowa, Idaho, Maine, North Dakota, Nebraska or Rhode Island.
The first business of Alibaba Group (NYSE:BABA), Alibaba.com (www.alibaba.com), is the leading platform for global wholesale trade serving millions of buyers and suppliers around the world. Through Alibaba.com, small businesses can sell their products to companies in other countries. Sellers on Alibaba.com are typically manufacturers and distributors based in China and other manufacturing countries such as India, Pakistan, the United States and Thailand.
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