Lending Club, the San Francisco-based organization that runs a website for investing in and obtaining personal loans, announced today a $15 million equity investment from Kleiner Perkins Caufield & Byers and the appointment of Mary Meeker, general partner at KPCB, to the company's board of directors. John Mack, who recently joined Lending Club's board and currently serves as chairman emeritus of Morgan Stanley, also made a $2.5 million equity investment in the company. The investments bring the total funding raised by Lending Club to date to $100 million, bringing the company's total in unrestricted cash to more than $45 million.
"Lending Club is helping reinvent the consumer lending industry," said Mary Meeker in a press release. "It's the kind of opportunity that Kleiner Perkins is interested in and I knew I wanted to be involved."
Meeker, who joined KPCB as a partner in 2010, is also on the board of directors of Square and leads KPCB's US $1 billion Digital Growth Fund (DGF). Previously, Meeker worked at Morgan Stanley, where she served as managing director and research analyst from 1991 to 2010.
Lending Club has originated more than $650 million in cumulative loans through its platform and adds more than $135 million each quarter in new loans.
Meeker joins Lending Club CEO Renaud Laplanche, former Morgan Stanley CEO John Mack, Jeff Crowe of Norwest Venture Partners, Daniel Ciporin of Canaan Partners and Rebecca Lynn of Morgenthaler Ventures on Lending Club's board of directors.