Lending Club bags USD125m for loans platform

Secured funding

Lending Club, a peer-to-peer lending website, has raised USD125min a round led by Google, with further participation from Foundation Capital. David Lawee, an executive at Google, will join Lending Club’s company boardas part of the deal.

Founded in 2007, the firm has developed a platform designed to connect borrowers and investors online. The service is aimed as an alternative to traditional banking, offering different levels for rates and returns.

The California-based firm says it holds USD450m in assets after 23 consecutive quarters with positive returns. It also claims to have handled USD1.65bn in loans since launching.

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