LendingClub raises $10.2M Series A
On August 23, LendingClub announced that they were about to close a Series A round of funding for $10.2 million from Norwest Venture Partners and Canaan Partners. This first round of venture capital follows a $2 million round of angel investments to date.
Along with the funding, LendingClub announced that Jeff Crowe (Norwest Venture Partners) and Dan Ciporin (Canaan Partners, former CEO of Shopping.com) would be joining LendingClub’s board of directors.
To date, LendingClub’s growth has been slower than the other major US P2P lending firm, Prosper. In the approximately 3 months since launch, LendingClub has facilitated more than $750,000 in loans between individuals. In the first 3 months since their launch in Feb 2006, Prosper had arranged $3.4 million in loans between individuals. As of today, Prosper lenders have funded over $84 million in loans.
LendingClub has a long road ahead of it, and is relying on Facebook and other social networks (college alumni groups, employers, unions) to provide that elusive combination of community, accountability, and privacy that every P2P lender is looking for.
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[...] Although no public complaint has been issued, It is suspected that LendingClub has been asked to shut down by the US Securities and Exchange Commission, and that LendingClub complied for fear of receiving a formal cease and desist, which would hurt its reputation and prevent it from raising further capital. [...]
[...] In their latest prospectus filed with the SEC before relaunching their site, Lending Club revealed that they have received $4.1 million in new funding, apparently from Canaan Partners and Norwest Venture Partners, the same venture capital firms that provided Lending Club’s $10.2 million Series A. [...]