FinovateSpring 2009 / Lending Club
Presenter Profile:
How they describe themselves: Lending Club brings together investors and creditworthy borrowers to provide value beyond traditional banks for both. Premium borrowers can get personal loans from $1,000 to $25,000 at fixed rates often significantly better than those offered by conventional sources. Investors (our lenders) are empowered to build a portfolio of Notes based on their specific criteria. Most investors spread their investment across tens or hundreds of qualified borrowers.
What they think makes them better: Lending Club provides superior value and control to both investors and borrowers. Creditworthy borrowers can take advantage of a streamlined, online process, competitive fixed rates, easy monthly payments, and no hidden fees. For lenders, money invested goes directly to approved borrowers. Over the past 20 months, Lending Club investors have earned an average annual return of 9.05% (based on a report by independent research company, Javelin Research), after a low 1% fee.
Contacts:
Bus. Dev.: Rob Garcia, Director of Product Strategy, rob@lendingclub.com, 408-524-1539
Sales: Meredith Kramon, Lending Services, Lending Club, mkramon@lendingclub.com, 408-524-3069
Press: Pamela Kramer, CMO, pkramer@lendingclub.com, 408-524-1535; or Patty Treadway, Antenna Group, 415-977-1933, patty@antennagroup.com
Website: www.LendingClub.com
Blog: blog.LendingClub.com
HQ Location: Sunnyvale, California
Company Founded: October 2006
Product Being Demoed: To be announced at FinovateStartup09
Product Launched: To be announced
Metrics: $35M in personal loans issued to date, 4x year over year growth in loan volume from 2007 to 2008
- Key Executives
Renaud Laplanche (CEO and Founder), John Donovan (COO), Pamela Kramer (CMO), Soul Htite (VP Engineering)
Key Stats
- Key Board Members
Pete Hart (former CEO, MasterCard), Chris Thom (former Chief Risk Officer, MasterCard), Gary Briggs (former CMO, eBay), John Furjanic (former EVP, North American Consumer Risk Management, Citigroup)
- Key Advisory Board Members
Pete Hart (former CEO, MasterCard), Chris Thom (former Chief Risk Officer, MasterCard), Gary Briggs (former CMO, eBay), John Furjanic (former EVP, North American Consumer Risk Management, Citigroup)
- Key Investors
Norwest Venture Partners, Canaan Partners, Morgenthaler Ventures
- Key Customers
Lending Club customers are people looking to invest or borrow money at better rates and with more control than through conventional sources.