initial public offerings (IPOs) trading on American exchanges

Thursday, December 11, 2014

Lending Club (LC) began trading on the NYSE on 11 December 2014

LendingClub CEO Renaud Laplanche (third from right) embraces company CFO Carrie Dolan during opening bell ceremonies of the New York Stock Exchange on Thursday.

Co-founded in 2007 by CEO Renaud Laplanche, LendingClub pioneered the peer-to-peer lending industry that now includes dozens of smaller competitors.

It bypasses the traditional bank-loan process by connecting borrowers with lenders for personal loans up to $35,000 that can be used for everything from paying off debt to paying for a vacation.

Small businesses can borrow up to $100,000.

Borrowers pay lower interest rates than what’s offered by credit cards; investors can fund a variety of loans for as little as $25 each and receive steady monthly income as borrowers make payments.

LendingClub, which on its website says it has arranged more than $6.2 billion in loans and paid nearly $600 million in interest to investors, generates revenue through transaction and service fees on the loans.

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