LendingClub was founded in 2007 as one of the first applications on FaceBook. The company operates an online lending platform that enables borrowers to obtain a loan, and investors to purchase notes backed by payments made on loans. LendingClub was the first peer to peer lending company in the US.
The company received $10.26 million in Series A funding in August of 2007. In 2010, the company raised another $25 million in Series C funding. In March of 2014, the company added funding for small businesses and went public on the NYSE in December of 2014 under the ticker symbol: LC.
In 2018, the founder and CEO Renaud Laplanche was forced to resign after it was discovered that he and his family had taken out loans without being transparent about them.
LendingClub began offering loans for vehicles or refinancing of vehicles in April of 2015. Lenders make money on interest, which varies from 6% to 26%. Company headquarters are located in San Francisco, California.
