Lending Club Secures $1.3 Billion Purchase Program from National Bank of Canada Subsidiary
SAN FRANCISCO, Nov. 7, 2016 /PRNewswire/ -- Lending Club (NYSE: LC), the world's largest online marketplace connecting borrowers and investors, announced that National Bank of Canada has approved investing up to $1.3 billion to be deployed on the Lending Club platform over the next twelve months. The investment will be undertaken by Credigy, a U.S. subsidiary of National Bank of Canada, which specializes in consumer finance investment.
"We're pleased to add this platform purchase program with Credigy to our investor capital mix. As we take multiple strategic actions to enhance our marketplace, we see the Credigy program as a way we're further diversifying our investor base and adding the funding visibility and stability that can make us even more resilient in various market conditions," said Scott Sanborn, President and CEO at Lending Club.
"Lending Club is a clear leader in delivering access to unsecured consumer credit. Based on Lending Club's track record of loan performance and our extensive review, we are excited to establish this purchase program and invest on the platform," said Brett Samsky, CEO of Credigy.
Lending Club's investor base spans a broad range of retail investors, banks, asset managers, and a variety of institutions. Each investor plays a role in the efficiency, stability and scalability of the marketplace and in the company's ability to deliver affordable credit to borrowers across the credit spectrum. The Credigy program joins other recent developments in Lending Club's funding mix, including the launch of a 40 Act Fund and the completion of a successful securitization that supplements the stability of the retail investor base.
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. We operate at a lower cost than traditional bank lending programs, so we're able to pass the savings on to borrowers in the form of lower rates and to investors in the form of solid returns. 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: AL, AR, AZ, CA, CO, CT, DC, DE, FL, GA, HI, IA, ID, IL, IN, KS, KY, LA, MA, ME, MD, MI, MN, MO, MS, MT, ND, NE, NH, NJ, NV, NY, OK, OR, RI, SC, SD, TN, TX, UT, VA, VT, WA, WI, WV, or WY. All loans are made by federally regulated issuing bank partners.
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SOURCE Lending Club
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