Happy $400MM To Us!
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!