Last week, Lending Club (LC:NYSE) announced that it has surpassed $13 billion from borrowers since its launch in 2006. Lending Club is the “world’s largest online marketplace.” The platform connects borrowers with investors in a streamlined, low friction process that have seen growing acceptance by consumers. The company stated: “Borrowers access lower interest rate loans through a fast and easy online or mobile interface. Investors provide the capital to enable many of the loans in exchange for earning interest. We operate fully online with no branch infrastructure, and use technology to lower cost and deliver an amazing experience. We pass the cost savings to borrowers in the form of lower rates and investors in the form of attractive returns. We’re transforming the banking system into a frictionless, transparent and highly efficient online marketplace, helping people achieve their financial goals every day.” Lending Club became public at the end of 2014. Check out the company’s infographic, From Zero to $13 Billion, below.
2006 LendingClub released an infographic reflecting its journey from launch in Yesterday, to last week’s news that it has facilitated loans of over $13bn to borrowers. Whilst nothing particularly new is announced on the infographic, it does continue to show how LendingClub feels its services surpass those offered by banks. You can see the infographic here.