Lending Club Raises Funding from Thomvest and Union Square Ventures
Lending Club, a San Francisco, CA-based online platform that connects inestors and prime borrowers, has received an investment of undisclosed amount from Thomvest and Union Square Ventures.
In addition, Peter Thomson, chairman of Thomvest and director of Thomson Reuters Corporation, has made a significant investment in the Conservative Consumer Credit Fund, which invests in the two highest grades of 36-month consumer loans originated through the Lending Club platform and.
The fund is managed by LC Advisors, a wholly-owned subsidiary of Lending Club.
Founded in 2006 and led by CEO Renaud Laplanche, the company operates a technology platform designed to create a more direct path between sources of capital and the consumers who need that capital at a given point in time and to reduce the cost of traditional lending, providing borrowers with better rates and investors with better returns.
Lending Club recently surpassed $350m in total loans originated and is now originating over $23m in prime consumer loans each month.