Wednesday, April 14, 2010

LendingClub Pulls In $24.5M

Redwood City-based LendingClub, a peer-to-peer, microlending startup, announced this morning that it has raised $24.5M in a funding round, led by Foundation Capital. Morgenthaler Ventures, Norwest Venture Partners, and Canaan Partners, all prior investors in the firm, also participated. According to the firm, the new funding will allow it to complete its new projects faster, including new loanp roducts, new investment tools, and performance improvements to its web site. LendingClub said it had a monthly loan volume of $8.6M in March. More information »