Lending Club Raises $12 Million; Hires a CMO

P2P social lender LendingClub has announced they have raised $12 million in a Series B round of funding. Morgenthaler Ventures led the round and is joined by existing investors, Norwest Venture Partners and Canaan Partners. Renaud Laplanche, Lending Club’s CEO and Founder noted, "This additional capital will allow us to continue to expand our capabilities and accelerate the growth of our customer base." The company has raised just over $28 million to-date.

Lending Club has also announced Pamela Kramer as the company’s first CMO. Pamela has spent the last two decades in the online financial space.

Interestingly enough, p2p lending news caught a twitter message from LucHardy, president of Sagax, a venture capital firm. The message, posted on Tuesday, noted the funding amount but was quickly deleted.

p2p lending news has another post that is well worth reading which has a lengthy breakdown of the loans that Lending Club is currently funding. Lots of charts and graphs along with their analysis on the lending. They note that 24% of the loans Lending Club makes come from them versus the p2p community. I can’t comment on this as it’s not my area of expertise but the information came from the SEC filings that Lending Club is required to make.

Check out all of our social lending coverage including our interview with Renaud.