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.