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Lending Club Received a $24,500,000 Investment This Morning

Our friends at Foundation Capital invested quite a bit of money in our company this morning, and were joined by existing investors Morgenthaler Ventures, Norwest Venture Partners and Canaan Partners.

Besides bringing our team the pleasant feeling of waking up with an extra $24.5M in our bank account, the additional resources will be helpful in many ways. This investment will help us complete new projects faster, including new loan products for borrowers, new investment tools for investors, a series of improvements to our website (including performance improvements, thank you for your patience) and other enhancements that will continue to make your Lending Club experience increasingly more rewarding. The funds will also help us expand our reach to a larger pool of customers and continue growing our community.

We would like to take this opportunity to thank our shareholders for their enthusiastic support, and thank you our members who have grown the Lending Club community at an incredibly fast pace over the last 12 months, increasing our monthly loan volume from $2.3M in February 2009 to $8.6M in March 2010 to capture 79% of the US peer lending market last month.

So the day started quite well here. How’s your day going? Leave us a comment.

Best, Renaud

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