Lending Club had another outstanding month in July reaching $20.6 million in new loans, the seventh time in eight months they have reached a record milestone. Prosper continued on their rapid growth curve with $6.0 million in new loans which is their 11th month in a row with positive loan growth.
I really thought this month that the rapid growth seen so far this year might falter. With the July 4th holiday and the fact that a good portion of the country was on vacation I thought we might see a breather in the expansion at both Prosper and Lending Club. It even looked that way up until the last day of the month. But the famous last day surge in new money at Lending Club (from their institutional investors) in July was staggering: $5.7 million in new loans were funded this past Friday, the last day of the month, which amounts to 27.8% of their monthly total. Here is the 18-month chart for Lending Club.
Prosper also had a big last day surge. Almost $900,000 in new loans were funded on the last day of the month which was also a good chunk of their monthly total. Worth-blanket2, their largest institutional investor, continued their rapid influx of funds investing around $1.4 million in new loans last month, bringing their total since starting at Prosper in May to over $3.2 million. Below is the 18-month growth chart at Prosper.
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.