The Google and Wells Fargo-backed peer-to-peer lending marketplace has set the range for its initial public offering.
US-based credit marketplace Lending Club increased the maximum size of its proposed initial public offering to $671m yesterday and plans to issue 57.6 million shares priced at $10 to $12.
Launched in 2007 and backed by investors including internet company Google and Wells Fargo-backed venture firm Norwest Venture Partners, Lending Club operates an online credit marketplace that has been responsible for $6bn of loans, including $1.2bn in the third quarter of this year alone.
Google Capital, Google’s growth equity…
