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Peer-to-Peer lending sites are hot again among investors of all stripes. Lending Club today announced a new $ 25 million series d financing led by Union Square Ventures (with existing investors to participate). Funding comes on the heels of the $ 17 million round of Eric Schmidt and DFJ introduced competitor Prosper in June.
P2P lending industry has recovered from a few years ago, when the SEC forced all the major players quit a few months, because they were not properly registered. Lending Club was the first to go through this transition and the first to withdraw from it.
Fast forward today, and lending Club is originating more credit than its nearest competitor, prosper. In July, lending Club is $ 20.6 million in new loans, compared with $ 6 million for success. Both are growing rapidly, however. Lending Club has new loan record number 7 for the last 8 months, according to Peter Renton social lending network (see figure). P2P lending sites allow individuals to each other. However, the institutional cash flow in these markets, attracted by higher interest rates.
The latest funding brings the total capital, lending Club raised $ 78 million, with the last round of similar 24.5 million Australian dollars in May 2010.
Financial institution:
UNION SQUARE VENTURES
"Union Square Ventures is an early stage venture capital company based in New York. We invest in young companies that use information technology in innovative ways to create ...
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