The Bankwatch

Tracking the consumer evolution of financial services

Lending Club gains strength and momentum with new capital raise

P2P lender Lending Club announces their Series B raise of $12 million.  The money is to fund new growth and the announcement also indicates the hiring of Pamela Kramer as CMO.

Lending Club continues to be the only regulated P2P lender in North America and this news appearing during these hard times for raising cash has to be indicative of the promise for the industry.

Congrats to Renaud, Rob, and all the team at LC.

Lending Club Closes Series B Financing Round 

SUNNYVALE, Calif.–(BUSINESS WIRE)–, the peer lending network that brings together investors and creditworthy borrowers, announced today that it has closed a $12 million Series B round of funding. Morgenthaler Ventures led the round and is joined by existing investors, Norwest Venture Partners and Canaan Partners. Rebecca Lynn, a Morgenthaler Principal, is joining Lending Club’s board of directors.

We were attracted to Lending Club because it offers a compelling proposition in any market, but especially in today’s environment,” said Rebecca Lynn, Principal at Morgenthaler Ventures, “Borrower members find much-needed relief in a tight credit environment, and lender members have earned an average annual return of 9.05% over the last 20 months, which is better than most investment alternatives.”

Written by Colin Henderson

March 19, 2009 at 09:06

Posted in Uncategorized

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