Today, Lending Club announced that they have closed their latest funding round, a Series D, to the tune of $25 million. But what is more significant about this big news is that it places a valuation on Lending Club of a whopping $275 million, up from $80 million last year.
All existing investors participated in the round as well as a new investor, Union Square Ventures, a New York based venture capital firm that have invested in the likes of Foursquare, Twitter and Kickstarter. The $25 million round brings the total raised by Lending Club now to $77.7 million.
This is an historic day for the peer to peer lending industry. A valuation of $275 million for Lending Club demonstrates that the industry is coming of age. It clearly is a vote of confidence not just in Lending Club but in the peer to peer lending concept as a whole.
Peter Renton is the chairman and co-founder of Fintech Nexus, the world’s first and largest digital media and events company focused on fintech. Peter has been writing about fintech since 2010 and he is the author and creator of the Fintech One-on-One Podcast, the first and longest-running fintech interview series. Peter has been interviewed by the Wall Street Journal, Bloomberg, The New York Times, CNBC, CNN, Fortune, NPR, Fox Business News, the Financial Times, and dozens of other publications.