P2P Lending Service Lending Club Raises 24.5 Million US$ Series C Round

P2P Lending service Lendingclub.com successfully raised further capital. The 24.5 million US$ series C round was led by Foundation Capital and joined by existing investors including Morgenthaler Ventures, Norwest Venture Partners and Canaan Partners.

Lending Club so far raised 52.7 million US$ in total funding.

Lending Club, on which lenders have funded loans to private borrowers for a total volume of over 103 million US$ since inception, is growing fast. Currently about 10,000 loans are originated per month equaling a loan volume of about 8 to 9 million US$ per month.
The monthly volume  is a multiple of that of Prosper Marketplace, the main competitor in the US peer-to-peer lending market.

Renaud Laplanche, CEO of Lending Club says  “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.”.

(Sources: press release via TechCrunch, Lending Club Statistics, own data)