Lending Club Surpasses $1 Billion Loan Mark

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Lending Club has facilitated more than $1 billion in personal loans and generated positive cash flow for the third quarter.

Facilitated loan volumes have doubled each year and are on pace to triple in 2012, Lending Club, a platform founded in 2007 for investing in and obtaining personal loans, said Monday. With $82 million in personal loans facilitated in the month of October, Lending Club is also on a $1 billion annual run rate.

“The platform has now reached a scale and stability that makes it even more attractive to borrowers and investors,” Renaud Laplanche, Lending Club chief executive, said in a news release. “Larger commitments from a wider base of investors mean a faster funding process for qualified borrowers, and higher loan volumes mean more choices for investors and more efficient pricing overall.”

Since the beginning of the year, the company has added more than 50 employees, nearly doubling the size of its technology and risk management teams and bringing its headcount to 125. To accommodate the additional employees, Lending Club has doubled the size of its San Francisco headquarters.

Lending Club has also hired Visa (NYSE: V) veteran John MacIlwaine as its chief technology officer and former E-Trade general counsel Russell Elmer as its deputy general counsel this year. 

 

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