Google Buys Stake in Peer-to-Peer Lending Company

Today, Google (NASDAQ: GOOGL  )  bought a minority interest in the peer-to-peer lending website, Lending Club. The company, along with Foundation Capital, led a $125 million move to buy shares of Lending Club from existing investors. 

Lending Club is a website where users lend money to each other and are paid back with interest. In a Lending Club press release, Google's David Lawee said the lending company "is using the Internet to reshape the financial system and profoundly transform the way people think of credit and investment." Now that Google owns part of the company, Lawee will sit on Lending Club's board in an observer role.

Lending Club said in the release that, "We believe our relationship with Google will be very helpful in better serving our customers. We couldn't be more excited to have them on board." Since Lending Club's inception, it has assisted in $1.65 billion in loans, and has had 22 consecutive quarters of positive returns.


Read/Post Comments (0) | Recommend This Article (1)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2405002, ~/Articles/ArticleHandler.aspx, 12/21/2014 1:23:40 AM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...


Advertisement