Lending Club Raises $24.5M

Lending Club, a Redwood City, CA-based peer lending network bringing together investors and creditworthy borrowers, closed a $24.5m funding round.
The round was led by Foundation Capital, with participation from existing investors including, Morgenthaler Ventures, Norwest Venture Partners and Canaan Partners.
Lending Club offers creditworthy borrowers lower rates and investors higher returns.
As stated by Renaud Laplanche, CEO of the network, “This latest investment gives us considerable resources to further develop our platform, launch new products, offer better service to our existing customers and expand our reach to a whole new set of customers”. 

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