| How they describe themselves:
Lending Club is a social lending network where
members can borrow among themselves at better rates.
Borrowers with good credit can get personal loans at interest rates they find more
attractive than those available from conventional funding sources such as banks and
credit cards, taking advantage of a streamlined process between the source of funds
(lenders) and the borrowers who need those funds.
Lenders get an opportunity to fund specific borrowers by investing in notes that
correspond to specific borrower loans. The stated interest rates on notes range from
7.37% to 19.36%. Lenders pay Lending Club a 1% service charge.
What they think makes them better: Lending Club is the only social lending / person-to-
person lending company to offer lenders an opportunity to invest in instruments that
are registered with the US Securities and Exchange Commission and benefit from the
disclosures associated with registered securities. The SEC registration also enabled the
creation of a secondary market (the Note Trading Platform) where lenders can resale their
notes to other lenders should they need liquidity. The Note Trading Platform is operated
by Foliofn, a registered broker dealer.
Executives: Renaud Laplanche (CEO), John Donovan (COO), Patrick Gannon (SVP),
Rich Castro (VP Finance & Administration), Soul Htite (VP Engineering)
Investors: Norwest Venture Partners, Canaan Partners
Advisory Board Members: Pete Hart (former CEO, MasterCard), Chris Thom (former Chief
Risk Officer, MasterCard), Gary Briggs (former CMO, eBay), John Furjanic (former EVP, North
American Consumer Risk Management, Citigroup)
Contacts:
Sales: John Donovan, COO, jdonovan@lendingclub.com
Biz Dev: Rob Garcia, Director, Product Strategy, rob@lendingclub.com, 408-524-1539
Press: Paula Cavagnaro, Antenna Group, paula@antennagroup.com, 415-977-1915 |
