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Lending Club Surpasses $10M In Monthly Loan Fundings, Makes Key Hire

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Peer-to-peer lending network Lending Club this morning announced it passed $10 million in monthly loan fundings for May 2010. The company claims that the milestone marks the first time any U.S. peer lending company has funded that amount of loans in a single calendar month.

Main rival Prosper is closing in on $200 million in personal loans funded in total – last time it has broken out the monthly statistics was for February 2010, when the company announced it had reached roughly $1.7 million in loan volume for that month.

In related news, Lending Club has appointed Scott Sanborn as chief marketing officer. The new CMO comes from publicly traded ecommerce company eHealth, where he served as chief marketing and revenue officer. Prior to his role at eHealth, Sanborn was the CMO and interim president of e-commerce and catalog retailer RedEnvelope, where he oversaw the sale of the business to Provide Commerce.

Lending Club, which originally started out as a Facebook app, recently secured a $24.5 million Series C financing round led by Foundation Capital. In total, the amount of capital raised by the company exceeds $52 million.

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