News Column

Lending Club files for IPO valued at to $500M

August 27, 2014



NEW YORK (AP) Lending Club, a company that aims to reduce the cost of lending by connecting consumers with investors, filed for an initial public offering valued at up to $500 million on Wednesday.

The San Francisco company did not say when it plans to go public or how many shares it expects to sell. It also did not disclose a proposed ticker symbol.

LendingClub Corp. runs an online marketplace that connects borrowers and investors. The company said it facilitated $1 billion in loans in the second quarter, with a total of $5 billion in loans since 2007. The company reported $87.3 million in revenue in the first half of 2014, more than double its total from that period in 2013. However it took a loss of $16.5 million in the first six months of the year. It turned a profit of $1.7 million over the first six months of 2013.

Lending Club said it plans to use the proceeds of its IPO for general corporate purposes and to repay debt.


For more stories on investments and markets, please see HispanicBusiness' Finance Channel



Source: Associated Press


Story Tools






HispanicBusiness.com Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters