Lending Club, a San Francisco, CA-based platform for personal loans, closed a $25m financing round.
The round was led by Union Square Ventures, with participation from all existing venture investors.
The company intends to use the proceeds from the investment to continue to expand.
Founded in 2006 and led by CEO Renaud Laplanche, Lending Club is a platform for investing in and obtaining personal loans. It aims to provide creditworthy borrowers with better rates and investors with better returns, utilizing technology to reduce the cost and complexity of traditional lending. According to a written statement, Lending Club recently surpassed $325m in total loan originations and is now issuing over $20m in prime consumer loans each month.