CEO and Founder Renaud Laplanche started Lending Club in 2006 with a clear vision of a more efficient alternative to the traditional loan solutions.
Lending Club has realized that vision and set a new industry standard. Lending Club joined us in 2007 where they were seed funded by Amidzad Partners.
During that time, we helped by introducing the company to Norwest Venture Partners and Canaan Partners. This introduction provided them with their initial round of funding and helped them to achieve exponential growth.
In 2009, they raised a $12,000,000 Series B from Morgenthaler, Norwest Ventures, and Canaan Partner firms and a $25,000,000 Series C, which was led by Foundation Capital in 2010. In late 2014, Lending Club’s IPO reached $9 billion.
Lending Club was initially launched as one of Facebook’s first apps, and has since grown from a “disruptive idea to an industry leader.” Upon its inception in 2006, the P2P lending platform has facilitated over $7 billion in loans and returned over $300 million in interest to investors.
During its initial period of growth the company focused on securing borrowers of high-credit-quality, ensuring year after year of positive returns.
Prior to the advent of Lending Club, investors and borrowers were limited to a traditional system of banks and credit unions. Lending Club has facilitated a revolution by providing a peer-to-peer lending service that is registered with the US Securities and Exchange Commission (SEC).
Plug and Play CEO Saeed Amidi stated, “his greatest joy in life is to have a front seat when these startups and these entrepreneurs build great companies that change our lives. Lending Club is a revolutionary company, and we would like to congratulate them on their huge IPO. We could not be more pleased to have been part of their journey.”
If you liked what you read, please share it with friends.