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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