Lending Club, the peer-to-peer lending platform, has received $15 million in new funding from Kleiner Perkins Caufield & Byers. In addition, John Mack, the former CEO of Morgan Stanley who still serves as the investment bank’s chairman emeritus, has invested $2.5 million of his own money into the San Francisco-based company.
As part of the new funding, Kleiner Perkins partner and former Wall Street analyst Mary Meeker is joining Lending Club’s board of directors; Mack has served on Lending Club’s board since earlier this spring.
This brings Lending Club’s total outside funding to $100 million, but according to the company much of that is still in the bank: Lending Club says it has $45 million in unrestricted cash following this latest funding infusion.
On the business side, meanwhile, Lending Club says things are going well: $650 million in loans have been originated on the platform, and right now the company is adding more than $135 million new loans in each quarter.
Kleiner Perkins Caufield & Byers (KPCB) is a well known Silicon Valley venture capital firm, due in large part to their past success. They were early investors in many significant companies, including Amazon, AOL, Compaq, Electronic Arts, Google, Intuit, Macromedia, Netscape, Segway, and Sun Microsystems. The name of the firm comes from the four founding partners: Eugene Kleiner, Tom Perkins, Frank J. Caufield, and Brook Byers. In March 2008, KPCB announced the iFund, a $100M investment initiative focused on ideas...
Mary Meeker has joined the Kleiner Perkins Caufield & Byers as a partner. Previously she joined Morgan Stanley in 1991 as the Firm’s PC Software/Hardware & New Media analyst. Earlier, she served as a Technology Research Analyst at Cowen and at Solomon Brothers. She received an MBA in Finance from Cornell University in Ithaca, New York (1986), and a BA in psychology from DePauw University, in Greencastle, Indiana (1981) . Meeker’s work has been recognized in various Wall Street Analyst...
Lending Club is an online financial community that brings together creditworthy borrowers and savvy investors so that both can benefit financially. We replace the high cost and complexity of bank lending with a faster, smarter way to borrow and invest. The company offers unsecured 3- and 5-year personal loans of up to $35,000 for borrowers with good-to-excellent credit.