Google takes stake in Lending Club

May 02, 2013
Internet giant Google has acquired a $125 million minority stake in peer-to-peer online loan company Lending Club. Internet giant Google has acquired a $125 million minority stake in peer-to-peer online loan company Lending Club.

Internet giant Google said Thursday it has acquired a $125 million minority stake in peer-to-peer online loan company Lending Club.

The search engine giant bought shares in the company from stakeholders in a deal which also involved Foundation Capital, an existing investor in Lending Club.

Lending Club, founded in 2006, aims to offer low interest loans to individuals with high credit scores, and has facilitated more than $1.65 billion in since its inception.

"Lending Club is using the Internet to reshape the financial system and profoundly transform the way people think of credit and investment," said Google's David Lawee in a statement. "We are excited to be a part of it."

Lawee is to take an observer seat on the Lending Club board, the statement added.

"Few companies have such an in-depth understanding of the Internet as Google," Lending Club chief executive Renaud Laplanche said.

"We believe our relationship with will be very helpful in better serving our customers. We couldn't be more excited to have them on board."

Explore further: Glass maker deals to exit Apple, Arizona plant

add to favorites email to friend print save as pdf

Related Stories

Bailed-out banks issued riskier loans

Sep 15, 2011

Banks that received federal bailout money ended up approving riskier loans and shifting capital toward risky investments after getting government help, say University of Michigan researchers.

Recommended for you

Out-of-patience investors sell off Amazon

24 minutes ago

Amazon has long acted like an ideal customer on its own website: a freewheeling big spender with no worries about balancing a checkbook. Investors confident in founder and CEO Jeff Bezos' invest-and-expand ...

States ascend into the cloud

7 hours ago

Seven years ago, the state of Delaware started moving computer servers out of closets and from under workers' desks to create a consolidated data center and a virtual computing climate.

Microsoft drops Nokia name from smartphones

9 hours ago

Microsoft said Friday it was dropping the Nokia name from its Lumia smartphones, rebranding following the acquisition earlier this year of the Finnish group's handset division.

Amazon's loss makes holidays a question mark

9 hours ago

Amazon's trademark smile icon is becoming more of a grimace. The world's largest online retailer reported a wider third-quarter loss than analysts expected and gave a disappointing holiday forecast.

User comments : 0