When Lending Club demoed at Finovate Startup in 2009, the company boasted $35 million in personal loans originated.
This morning, we learn that Lending Club has reached $3 billion in personal loans originated, with $2 billion of that amount generated in 2013 alone.
With 225,000 loans in 44 states, Lending Club continues to leverage its lending technology to put borrowers and lenders together in a way that saves money compared to the kind of lending that characterizes traditional banking. Lending Club CEO Renaud Laplanche said, “it is gratifying to see how many people we’ve been able to help achieve their goals this year, from consolidating debt to paying off credit cards to completing home improvement projects.”
Lending Club’s technology matches creditworthy potential borrowers with lenders looking for returns. Rates available for borrowers are typically better than credit card rates, and lenders benefit from putting their capital to work earning solid returns and generating cash flow.
In addition to strong, year-ending metrics, Lending Club’s 2013 has been positive overall. The company secured an investment from Google, part of a secondary transaction worth $125 million. Lending Club also made significant additions to its executive team and advisory board, bringing former Capital One Bank SVP Sid Jajodia on board for the former and luminaries like Mary Meeker and Lawrence Summers on board for the latter.
In store for 2014, according to Laplanche, are stepped up efforts to help Lending Club become a more “mainstream brand,” as well as expansion into new product categories. The Lending Club team now stands at more than 300 employees, and recently expanded to a fourth floor at its San Francisco location.