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.
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.