Alternative loan and payment service providers
continue to blossom on the back of banks’ financial woes and social
ill repute. The latest such success case is Lending Club, an – as
the name suggests – alternative to banks that offers peer-to-peer
(P2P) loans.
Lending Club has secured the attention of and
a USD15m equity investment from Kleiner Perkins Caufield &
Byers (KPCB), which brings Lending Club’s total capital of funds
raised to USD100m– USD45m of which is unrestricted cash.
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Lending Club focuses on borrowers with a
high-credit quality and says that it adds “more than USD135m each
quarter in new loans”.
The company has the backing of some senior
Wall Street figures, including Mary Meeker, an ex-Morgan managing
director and research analyst with a focus on emerging
technologies, who is now general partner at KPCB.
John Mack, currently chairman emeritus of
Morgan Stanley, is now also on the board of Lending Club and has
himself invested a further USD2.5m in equity in the company.
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