Lending Club has come a long way since its entry to Plug and Play seven years ago. When CEO and Founder Renaud Laplanche started the company in 2006, he had a clear vision of a more efficient alternative to the traditional system of loan trading. Since then, Lending Club has used technology and innovation to realize that vision and set a new industry standard.
Lending Club was initially launched as one of Facebook’s first apps, and since then has grown from a “disruptive idea to an industry leader.” Since its inception in 2006, the p2p lending platform has facilitated over $5 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).
Lending Club joined Plug and Play in 2007 where the company was introduced to Norwest Venture Partners who provided them with their initial round of funding. Since then, their growth has been exponential with a 12 million dollar Series B led by Morgenthaler in 2009 and a 25 million dollar series C led by Foundation Capital in 2010.
Plug and Play CEO Saeed Amidi stated that “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.
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