Lending Club has announced that Google has acquired a minority stake in the company as part of a secondary transaction whereby new and existing investors acquired shares from existing investors. Buyers include Google and existing investor Foundation Capital.
"Lending Club is using the Internet to reshape the financial system and profoundly transform the way people think of credit and investment," said Google’s David Lawee. "We are excited to be a part of it."Lending Club facilitated more than $1.65 billion in loans since inception including over $350 million in the last quarter.
"Few companies have such an in-depth understanding of the Internet as Google," said Lending Club CEO Renaud Laplanche. "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."
[Editor's note: see also this TechCrunch story on this latest round of financing for Lending Club.]