Lending Club Hits $400 Million in Loan Originations
Lending Club issued a press release today stating that it’s surpassed $400 million in loan originations.
Here’s the press release
SAN FRANCISCO – Nov. 3, 2011 – Lending Club (http://www.lendingclub.com), the leading platform for investing in and obtaining personal loans, today announced that a record $400 million in total loan originations have been issued through the platform since inception.
The milestone comes less than four months after Lending Club reached $300 million in total loan originations in July. A record $27.5 million in personal loan originations in October contributed to the milestone. Lending Club loan originations are growing by more than 150 percent year-over-year, and the platform has now paid investors more than $33 million in interest.[i]
“Lending Club has had a monumental year, with growth averaging 10 percent month-over-month and continuing to accelerate,” said Lending Club CEO Renaud Laplanche. “We believe the rapid growth in capital invested through our platform, coupled with the growth of our team to include executives with decades of experience in investment management, has us poised to finish the year with a bang, and move into 2012 with tremendous momentum.”
By focusing on prime and super-prime quality borrowers, Lending Club has established a four-year, $400 million track record in which Prime Consumer Notes generated 17 consecutive quarters of positive returns and average annual returns of 5.5 percent to 12 percent depending on loan grades.[ii]
In addition to passing the $200 million, $300 million and $400 million milestones, 2011 highlights for Lending Club have included welcoming Union Square Ventures as an equity investor and partner, the addition of more than $30 million in new platform investment capital in September alone, announcing Peter J. Thomson as the anchor investor in LC Advisors’ Conservative Credit Fund, and obtaining recognition by the World Economic Forum as a 2012 Technology Pioneer. The company also expanded its LC Advisors team in October with the hire of former Angelo, Gordon and Co. partner Brad Pattelli, and Jeff McCarthy, former SVP of Jefferies & Company, Inc.
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