Lending Club Blog

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

Wednesday, April 14th, 2010 at 7:24 am

Comments (20)

  1. This is great news, just what investors wanted to hear. I hope this
    cash will help Lending Club to continue to grow and lend. Wonder
    what its like to wake up with an extra 24 mil in your account..

    April 14th, 2010 at 9:24 am

  2. Congrats Lending Club! That’s quite a chunk of change. It’s been
    very exciting to see Lending Club grow, keep up the great work.

    April 14th, 2010 at 10:43 am

  3. Mark:

    Great news indeed. My day is going well too, thank you for asking.
    I just made another $5k investment in my Lending Club account!

    April 14th, 2010 at 12:36 pm

  4. DrAnn:

    Congratulations on the receipt of such a nice investment.

    April 15th, 2010 at 7:57 pm

  5. Congrats on the growth and it is good to see that capital is
    available.

    April 19th, 2010 at 5:31 am

  6. singlemom:

    I knew that I needed help with my finances, and your site just
    popped up. (Divine intervention, or what!). Great concept.

    April 21st, 2010 at 9:25 pm

  7. Wow! congrats, keep it up! let us know if we can help.

    April 22nd, 2010 at 8:12 am

  8. Steve Smith:

    Kudos! Great! Now please add a Trading Platform “SEARCH BOX” so
    that we can more efficiently get back to note we want to buy (e.g.
    on page 12) after looking at the Original loan info. This will help
    the LC business if you make it easier to invest. THANKS!!!

    April 22nd, 2010 at 9:14 am

  9. Art Sands:

    Hey – could I borrow $1m of that?…..:-) Good work.

    April 26th, 2010 at 4:30 pm

  10. John:

    This is wonderful news! I would love to see the Lending Club expand
    it’s current offerings to businesses in the form of “factoring”
    Accounts Receivable or Inventory. I believe the current platform
    used for unsecured lending could be modified to allow for these
    types of programs. Many small businesses could benefit from small
    investors, instead of large institutional banks or even small
    factoring companies (who often charge upwards of 15 to 20 percent).
    Keep up the great work!

    April 26th, 2010 at 8:21 pm

  11. Wow, great news. I hope you will handle this capical reasonable.
    Best of luck ! Summers

    April 29th, 2010 at 10:47 am

  12. Cool stuff bro.

    April 29th, 2010 at 10:46 pm

  13. FuelEconomy:

    Great news for Lending Club! Good luck.

    May 3rd, 2010 at 2:09 pm

  14. TwitterStar:

    Great stuff, Congrats on the funding!

    May 4th, 2010 at 6:02 am

  15. Can’t say I’ve ever started a day with 25 million. I wasn’t aware
    of peer lending, going to have to read up on this.

    May 4th, 2010 at 8:42 pm

  16. Mamas:

    wow that is a great news, your business growing faster and faster,
    only in a year you have reach 79% its look great business, keep the
    best for all member

    May 5th, 2010 at 7:07 am

  17. Ryan:

    Excellent news, please focus on the turn around time for processing
    loan payments. One day is reasonable, six is unsatisfactory. The
    money that is waiting to drop into my account could be re-invested,
    and this kind of lag will add up over time of lost potential.

    May 5th, 2010 at 10:42 am

  18. Congrats on your new funding!

    May 5th, 2010 at 8:59 pm

  19. LSedita:

    Oh, wow! That is a great milestone man!

    May 6th, 2010 at 1:40 pm

  20. Congratulations on the receipt of such a nice investment

    August 30th, 2010 at 8:34 am

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