Posted by Lending Club :: November 3, 2011 @ 10:12 pm
We’re proud to announce that this week Lending Club passed $400 million in total loan originations, less than four months after reaching $300 million. It’s hard to visualize such a large number, and we’ve had some fun kicking around ways to understand just how much money $400 million is—for example, it could buy 100 million gallons of gas (enough to drive from San Francisco to New York 1 million times!), 200 million Slurpees, or maybe 250 Lamborghini Reventons.
But in all seriousness, reaching $400 million is a big milestone for us, and an exciting way to move into the final months of what has been a tremendous year for Lending Club. Here are some of the highlights of the last few months:
- In August, we welcomed Union Square Ventures, known for its investments in companies like Twitter, Zynga and Foursquare, as an equity investor and partner.
- That same month, we attracted more than $30 million in new platform investment capital, announcing Peter J. Thomson as the anchor investor in LC Advisors’ Conservative Credit Fund.
- In September, we were awarded the World Economic Forum Tech Pioneer Award for our impact on how business and society operate.
- We expanded the LC Advisors team with the additions of Brad Pattelli, a former Angelo Gordon partner, and Jeff McCarthy, formerly of Jefferies & Company.
- Throughout 2011, loan originations have been growing by more than 150 percent year-over-year, and we’ve seen average month-over-month growth of 10 percent.
We’ve now paid investors $33,718,754 in interest as of November 2, 2011. Thanks for being a part of Lending Club. We’re thrilled to be joining with you to change the way the world thinks about borrowing and investing, and we can’t wait to celebrate the half-billion mark with you soon!
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10 Comments
Amazing figures..i would say very interesting one
Congratulations to the entire Lending Club Team for reaching yet
another milestone. It seems that your business model is working out
well for you. I have been investing with Lending Club since 2008
and I know it has worked out well for me!
33% increase in 4 months, that's nothing to scoff at...
Some impressive growth. Good to see active alternative lending
programs working and growing at a better pace than the banks.
I have been investing with Lending Club since 2008 and I know it
has worked out well for me!
Congratulations, those are some very impressive numbers.
Congrats! What a huge gain in 4 months...
Lendingclub.com has hit another milestone on its way to a bllion
bucks and beyond at an accelerating pace! Lendingclub is the only
Cash-Flo engine that pays Principal&Interest payments 260 PAY
DAYS per YEAR! That's Every MON.Tues.WED.Thurs.&FRIDAY! If a
lender-member like myself REINVESTS ALL the Principal Payments that
means 260 PAY DAYS every year! If a lender-member also REINVESTS
just part of his after tax INTEREST PAYMENT on his 260 PAY DAYS he
will also CREATE 260 Mon-Friday RAISE DAYS the following year! Even
if a MONEY MARKET FUND could be found that could EQUAL the INTEREST
that we as lender-members get-THAT would only be 1 payment per
month, just 12 PAY DAYS a year, NOT 260! There's NO other CASH FLOW
MACHINE that even comes CLOSE! Q.E.D. Plasticman
Congratulations on yet another year for the Lending Club for
bringing in very good numbers! Every one on the team deserves a tap
on back for a job well done. Looking forward to another year of
great investing!
WOW! Amazing figures. Congratulations! You've once again proven
that you're a force to reckon with. Keep it up!
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