Today, Larry Summers became the latest prominent name to endorse Lending Club — the fast-growing peer-to-peer lending company that aims to connect creditworthy borrowers with smart investors — as the former U.S. Treasury Secretary joined the company’s growing, star-studded board of directors. The economist, also known for serving as the 27th president of Harvard University and as the Director of… → Read More
Last night at Bloomberg’s San Francisco headquarters, Kleiner Perkins partner Mary Meeker took to the stage to deliver one of her famed presentations on the prevailing trends in the tech ecosystem. It was a somewhat unexpected mid-year update, which elaborated on her annual report published earlier summer, and discussed the continuing strength of mobile, the skyrocketing adoption of Android phones… → Read More
Many years ago, after graduating college, I came home before moving to NYC, wondering how I would scrounge together the money for the first month’s rent and security deposit so my friends and I could all live together in the Big Apple. I had one month to get the cash, and instead of going out for traditional, hourly-wage work, I decided to go through all of my old stuff and throw it on eBay. In… → Read More
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… → Read More
A big round for a company that originally started out as a Facebook app: peer lending network operator Lending Club has secured a $24.5 million Series C financing round led by Foundation Capital and joined by existing investors including Morgenthaler Ventures, Norwest Venture Partners and Canaan Partners.
This brings the total of capital injected into the company to $52.7 million. → Read More
Good news for P2P lending and trading platform Prosper as it concludes its 9-month hiatus during which it was not allowed to continue its loan operations in the United States.
The Securities and Exchange Commission is now greenlighting Prosper to facilitate peer-to-peer lending in 14 states with more on the way, borrowing nearly nationwide. Prosper is now the first and thus only Internet… → Read More
Prosper, the people-to-people lending service that launched way back in May 2006, has found itself on a rocky road so far. Last October, Prosper suspended new lending in order to register with the Securities and Exchange Commission to create a secondary marketplace for the loans on its site (the SEC wanted to evaluate whether the company should register as a securities broker, as evidenced later… → Read More
P2P money lending service Lending Club has closed a $12 million Series B round with Morgenthaler Ventures as the lead and joined by existing investors Norwest Venture Partners and Canaan Partners. The total capital invested in the company is now $30 million. (It raised $12 million in angel and Series A funding in 2007, and then another $6 million in a Series A extension in September, 2008).
The… → Read More
Prosper and other peer-to-peer lenders like Zopa and Lending Club may turn out to be collateral damage from the credit crisis. Yesterday, Prosper suspended new lending in order to register with the S.E.C to create a secondary marketplace for the loans on its site. As recently as Monday, Prosper didn’t think it would have to register as a seller of securities. But the new climate of heightened… → Read More
Lending Club, the P2P money lending site, has filed registration forms with the SEC. Pending their approval, the site should be able to relaunch its lending service, which has been on hiatus since April (while the company didn’t provide an explanation for the shutdown at the time, we speculated that they lacked the proper licenses). From the release: The registration statement seeks to… → Read More
If you are having trouble paying for college, maybe you can hit up your social network for a loan. That’s the idea behind GreenNote, another peer-to-peer lending startup that is launching this week. (The site is still going through load testing, but should be up fully by Wednesday). Prosper, Zopa, and Lending Club (which is under regulatory scrutiny) already offer general P2P loans, but… → Read More
Lending Club, a P2P lending service that started off as a Facebook app, has temporarily stopped accepting new loans and lenders. According to a brief “quiet period” note on its website: Lending Club has started a process to register, with the appropriate securities authorities, promissory notes that may be offered and sold to lenders through our site in the future. Until we complete… → Read More
Despite sub-prime loan worries rocking the economy, peer-to-peer loans are gaining some traction. You’d think loans between individuals would be much riskier than loans from a bank, but it turns out that individuals can be more risk averse than banks when it comes to lending out money. If you look at Prosper, the leader in P2P lending with more than $100 million in loans out so far, only 7… → Read More
U.K.-based peer to peer lending startup Zopa is gearing up for their U.S. launch. Reports of the launch have been circulating for some time (WSJ), but now it seems only days away. The service will be available at us.zopa.com, but is currently under password protection. Zopa’s peer to peer lending service differs from U.S. rivals by working with credit unions to offer person-to-person loans… → Read More
Lending Club, the Facebook exclusive person-to-person lending service has passed the $1 million mark in loans to Facebook users. It’s similar to other P2P lending sites Prosper, Zopa, and Kiva. The milestone comes just short of 3 months since the the site hit the $100,000 mark, and 3 1/2 months since going live as an original Facebook Platform partner. Lending Club will also announce today… → Read More
Lending Club, the Facebook exclusive person-to-person lending service has passed the $100,000 mark in loans to Facebook users. Lending Club was an original Facebook Platform/ F8 partner having launched with F8 on May 24. The company closed its first loan on June 6, and has since closed 27 more loans for a total of $101,250. An additional $212,650 in loans will close in the next 12 days. More than… → Read More
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