US-listed search engine provider Google has bought a minority stake in unsecured personal loans provider Lending Club as part of a $125m secondaries deal. Google and venture capital firm Foundation Capital, were among buyers acquiring shares from existing investors in Lending Club at a reported $1.55bn valuation. David Lawee, vice-president of corporate development at Google, will take an observer seat on Lending Club’s board. In December, Lawee was reported by newswire Reuters to be moving from mergers and acquisitions at Google to leading a late-stage corporate venturing unit and a month later took an observer position at questionnaire company SurveyMonkey as part of Google’s investment in the $444m round at a $1.35bn valuation. He said: “Lending Club is using the internet to reshape the financial system and profoundly transform the way people think of credit and investment.” Lending Club said it had more than $1.65bn in loans facilitated since inception in 2007, including over $350 million in the previous quarter. The company’s wholly-owned subsidiary, LC Advisors, has launched several funds in the past two years and now has more than $450m in assets under management at the end of last month. These funds effectively provide the capital to Lending Club’s customers. In July, Peter Thomson, chairman of family office Thomvest and director of news and data provider Thomson Reuters, became a cornerstone investor in the Broad-Based Consumer Credit (Q) Fund managed by LC Advisors. This investment is in addition to Thomson’s September 2011 cornerstone investment in the Conservative Consumer Credit fund, also managed by LC Advisors.
- News & Analysis
- Global Corporate Venturing
- Global University Venturing
- Latest News
- Deal Data
- Community & Events
Lending Club collects on $125m
May 5, 2013 • Global Corporate Venturing
LEADERSHIP SOCIETYInforming, connecting, and transforming the global corporate venture capital ecosystem.
The Global Corporate Venturing (GCV) Leadership Society’s mission is to help bridge the different strengths and ambitions of investors across industry sectors, geography, structure, and their returns.
Featured ContentFUNDING ROUND DATA Which corporates are backing which startups? Search our corporate deal database.
FUNDING ROUND DATA
Which corporates are backing which startups? Search our corporate deal database.NOMINATE Nominations for the GCV Powerlist 2024 are now open
Nominations for the GCV Powerlist 2024 are now openEventsWebinar: Startups and Strategics – What works and what doesn’tEventsGCV Institute: Landing the Value of Corporate VenturingTop News
GCV provides the global corporate venturing community and their ecosystem partners with the information, insights and access needed to drive impactful open innovation. Across our three services - News & Analysis, Community & Events, and the GCV Institute - we create a network-rich environment for global innovation and capital to meet and thrive. At the heart of our community sits the GCV Leadership Society, providing privileged access to all our services and resources.test reg