Peer-to-peer lending site Prosper gets second wind in California
For the last six months, peer-to-peer lending service Prosper has suspended transactions while it waits for the Securities and Exchange Commission to approve its new system for online lending. But now, with the blessing of the California Department of Corporations, the company has legally resumed activity — as long as the lenders in question are located in the golden state (borrowers can be from anywhere in the U.S.)
Even as its future hinges on the SEC’s… Continue Reading
Lending Club raises $12M more for peer-to-peer loans
Lending Club, a website where people looking to borrow money can connect with lenders, has raised $12 million in a second round of funding.
Given the extent to which credit has dried up, it’s not hard to see why borrowers would be interested in peer-to-peer lending sites, rather than going through a bank; The New York Times wrote about the phenomenon last fall. Sunnyvale, Calif.-based Lending Club says the number of loans made through the site… Continue Reading
Lending Club raises $10.26 for social lending — joins crowded field
Lending Club, the Sunnyvale, Calif. lending service where people borrow and lend money among each other, bypassing the banks, and theoretically getting better rates, said it has raised $10.26 million in a first round of financing.
Canaan Partners and Norwest Venture Partners made the investment.
The deal makes the the social lending industry very crowded, and the funding is a large amount for such a young company with little track record — especially when there’s so much… Continue Reading
Lending Club raises $2 million for peer-to-peer lending on Facebook
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(Originally published May 24)