Comments on: LendingClub To Close $10.26 Million Series A http://www.techcrunch.com/2007/08/22/lendingclub-to-close-1026-million-series-a/ Startup and Technology News Sat, 30 Aug 2008 02:52:11 +0000 http://wordpress.org/?v=2.5.1 By: Zopa To Launch In U.S. teasered @ Feed UP !! http://www.techcrunch.com/2007/08/22/lendingclub-to-close-1026-million-series-a/#comment-1806583 Zopa To Launch In U.S. teasered @ Feed UP !! Mon, 03 Dec 2007 17:41:48 +0000 http://www.techcrunch.com/2007/08/22/lendingclub-to-close-1026-million-series-a/#comment-1806583 [...] loans instead of a loans coming directly from lenders on the service like Prosper and Lending Club (works through Facebook). GlobalFunder.com is a yet-to-launch competitor. With Zopa, lenders will [...] [...] loans instead of a loans coming directly from lenders on the service like Prosper and Lending Club (works through Facebook). GlobalFunder.com is a yet-to-launch competitor. With Zopa, lenders will [...]

]]> By: P2P Lending News http://www.techcrunch.com/2007/08/22/lendingclub-to-close-1026-million-series-a/#comment-1580511 P2P Lending News Thu, 30 Aug 2007 06:48:22 +0000 http://www.techcrunch.com/2007/08/22/lendingclub-to-close-1026-million-series-a/#comment-1580511 <strong>LendingClub raises $10.2M Series A...</strong> On August 23, LendingClub announced that they were about to close a Series A round of funding for $10.2 million from Norwest Venture Partners and Canaan Partners. This first round of venture capital follows a $2 million round of angel investments to da... LendingClub raises $10.2M Series A…

On August 23, LendingClub announced that they were about to close a Series A round of funding for $10.2 million from Norwest Venture Partners and Canaan Partners. This first round of venture capital follows a $2 million round of angel investments to da…

]]> By: How much are Facebook Applications worth? - WickedFire - Affiliate Marketing Forum - Internet Marketing Webmaster SEO Forum http://www.techcrunch.com/2007/08/22/lendingclub-to-close-1026-million-series-a/#comment-1575535 How much are Facebook Applications worth? - WickedFire - Affiliate Marketing Forum - Internet Marketing Webmaster SEO Forum Tue, 28 Aug 2007 14:43:14 +0000 http://www.techcrunch.com/2007/08/22/lendingclub-to-close-1026-million-series-a/#comment-1575535 [...] it has using it and well it could be monetized. A few applications have made it 'big'. Here's one LendingClub To Close $10.26 Million Series A __________________ My ideas for making money online. I am just an atom in an ectoplasmic sea [...] [...] it has using it and well it could be monetized. A few applications have made it ‘big’. Here’s one LendingClub To Close $10.26 Million Series A __________________ My ideas for making money online. I am just an atom in an ectoplasmic sea [...]

]]> By: Gerry http://www.techcrunch.com/2007/08/22/lendingclub-to-close-1026-million-series-a/#comment-1569443 Gerry Thu, 23 Aug 2007 21:10:20 +0000 http://www.techcrunch.com/2007/08/22/lendingclub-to-close-1026-million-series-a/#comment-1569443 Kirklean, Sounds good. When is Zopa coming to the USA? First it was 2006, then 2007, then 2008. When is it? Gerry Kirklean,

Sounds good. When is Zopa coming to the USA? First it was 2006, then 2007, then 2008. When is it?

Gerry

]]> By: kirklean http://www.techcrunch.com/2007/08/22/lendingclub-to-close-1026-million-series-a/#comment-1569402 kirklean Thu, 23 Aug 2007 20:34:35 +0000 http://www.techcrunch.com/2007/08/22/lendingclub-to-close-1026-million-series-a/#comment-1569402 Apart from anything else, the Prosper Customer Service and experience is not particularly nice either. Zopa pay interest on holding account money (currently 5%) where as Prosper in particular tell the lender to naff off when that question is raised. Another thing, the forum aspect of Zopa is by far the best I have seen and Zopa employees actively engage in customer relations and fix issues that we find annoying and there is a whole raft of improvements on the way. I am even cosidering throwing in my SIPP (Self Invested Pension Plan) money into Zopa as a basic rate tax payer, will make my savings ultra efficient for retirement. I challenge Facebook/LendingClub or Prosper to beat that. Currently I am making circa 9.9% with zero defaults. Apart from anything else, the Prosper Customer Service and experience is not particularly nice either.
Zopa pay interest on holding account money (currently 5%) where as Prosper in particular tell the lender to naff off when that question is raised.
Another thing, the forum aspect of Zopa is by far the best I have seen and Zopa employees actively engage in customer relations and fix issues that we find annoying and there is a whole raft of improvements on the way.
I am even cosidering throwing in my SIPP (Self Invested Pension Plan) money into Zopa as a basic rate tax payer, will make my savings ultra efficient for retirement.
I challenge Facebook/LendingClub or Prosper to beat that.
Currently I am making circa 9.9% with zero defaults.

]]> By: Rex Dixon http://www.techcrunch.com/2007/08/22/lendingclub-to-close-1026-million-series-a/#comment-1569318 Rex Dixon Thu, 23 Aug 2007 19:04:26 +0000 http://www.techcrunch.com/2007/08/22/lendingclub-to-close-1026-million-series-a/#comment-1569318 @Thinker - if you read John's latest post on the blog; the last one from yesterday, as well as this morning's official funding announcement post by Renaud - it does show that 75% of the applications were rejected due to our 640+ FICO score requirements and 20% DTI ratio. Still, we are closing in on $1 million in loans really quick when you consider the launch of the company was on May 24th with the fb app launch. :) Rex @Thinker - if you read John’s latest post on the blog; the last one from yesterday, as well as this morning’s official funding announcement post by Renaud - it does show that 75% of the applications were rejected due to our 640+ FICO score requirements and 20% DTI ratio. Still, we are closing in on $1 million in loans really quick when you consider the launch of the company was on May 24th with the fb app launch. :)

Rex

]]> By: Thinker http://www.techcrunch.com/2007/08/22/lendingclub-to-close-1026-million-series-a/#comment-1569297 Thinker Thu, 23 Aug 2007 18:45:17 +0000 http://www.techcrunch.com/2007/08/22/lendingclub-to-close-1026-million-series-a/#comment-1569297 Agree with #9 : major barriers for others (regulatory approval by each state+technology) = only 2 players in the US Lendingclub seems to be learning from Prosper mistakes -- low default rates are key to success. Prosper is having major default issues, great that Lendingclub is more restrictive and shows much lower defaults than prosper. Agree with #9 : major barriers for others (regulatory approval by each state+technology) = only 2 players in the US
Lendingclub seems to be learning from Prosper mistakes — low default rates are key to success. Prosper is having major default issues, great that Lendingclub is more restrictive and shows much lower defaults than prosper.

]]> By: Rex Dixon http://www.techcrunch.com/2007/08/22/lendingclub-to-close-1026-million-series-a/#comment-1568892 Rex Dixon Thu, 23 Aug 2007 12:30:32 +0000 http://www.techcrunch.com/2007/08/22/lendingclub-to-close-1026-million-series-a/#comment-1568892 @kirklean - Patrick Gannon our Sr VP addressed the Subprime Meltdown in a great post on Saturday 8/18 on the blog - go give it a read, and chime in your thoughts on the comments. Rex @kirklean - Patrick Gannon our Sr VP addressed the Subprime Meltdown in a great post on Saturday 8/18 on the blog - go give it a read, and chime in your thoughts on the comments.

Rex

]]> By: kirklean http://www.techcrunch.com/2007/08/22/lendingclub-to-close-1026-million-series-a/#comment-1568713 kirklean Thu, 23 Aug 2007 09:36:00 +0000 http://www.techcrunch.com/2007/08/22/lendingclub-to-close-1026-million-series-a/#comment-1568713 I don't like this business model nor do I really like the Prosper model either, just look at the amount of defaults particularly in the sub prime markets that they opened up. Fraud is also rife on Prosper. I think IM has a serious drug problem, Zopa all the way for me. I don’t like this business model nor do I really like the Prosper model either, just look at the amount of defaults particularly in the sub prime markets that they opened up. Fraud is also rife on Prosper. I think IM has a serious drug problem, Zopa all the way for me.

]]> By: Rex Dixon http://www.techcrunch.com/2007/08/22/lendingclub-to-close-1026-million-series-a/#comment-1568410 Rex Dixon Thu, 23 Aug 2007 03:42:20 +0000 http://www.techcrunch.com/2007/08/22/lendingclub-to-close-1026-million-series-a/#comment-1568410 @tom - buyer beware - Latin @Wonderer - well there are many things coming up very soon that will be announced slowly and when we are ready. Rex @tom - buyer beware - Latin

@Wonderer - well there are many things coming up very soon that will be announced slowly and when we are ready.

Rex

]]> By: tom http://www.techcrunch.com/2007/08/22/lendingclub-to-close-1026-million-series-a/#comment-1568397 tom Thu, 23 Aug 2007 03:31:54 +0000 http://www.techcrunch.com/2007/08/22/lendingclub-to-close-1026-million-series-a/#comment-1568397 Could someone please explain caveat emptor? No stupid comments. Thanks. Could someone please explain caveat emptor? No stupid comments. Thanks.

]]> By: Wonderer http://www.techcrunch.com/2007/08/22/lendingclub-to-close-1026-million-series-a/#comment-1568383 Wonderer Thu, 23 Aug 2007 03:00:49 +0000 http://www.techcrunch.com/2007/08/22/lendingclub-to-close-1026-million-series-a/#comment-1568383 I'm really curious what they will do with 12 mio in cash??? Obviosly their marketing is completely viral within Facebook so negligable costs there; The main IT infrastructure and software is already in place - so no need to spend millions there as well. Maybe 1-2 million as salary for a handful of employees and the entrepreneurs themselves over the next 12 months...seriously - what do they do with that kind of money??? And is it worth to give away valuable equity % to VCs (I suppose for that sum they would have given away 20-30%) when you don't really have an urgent need for that money??? Please comment. I’m really curious what they will do with 12 mio in cash??? Obviosly their marketing is completely viral within Facebook so negligable costs there; The main IT infrastructure and software is already in place - so no need to spend millions there as well. Maybe 1-2 million as salary for a handful of employees and the entrepreneurs themselves over the next 12 months…seriously - what do they do with that kind of money??? And is it worth to give away valuable equity % to VCs (I suppose for that sum they would have given away 20-30%) when you don’t really have an urgent need for that money??? Please comment.

]]> By: Rex Dixon http://www.techcrunch.com/2007/08/22/lendingclub-to-close-1026-million-series-a/#comment-1568292 Rex Dixon Thu, 23 Aug 2007 01:21:36 +0000 http://www.techcrunch.com/2007/08/22/lendingclub-to-close-1026-million-series-a/#comment-1568292 @Jimmy Huen - come on man, we want another video something!!! Video is where it's at man!!! thanks btw... @Gary - Probably so, but so far, so good. It's early obviously, but no loan place has "zero defaults". It's just good to know that so far it's working. Rex @Jimmy Huen - come on man, we want another video something!!! Video is where it’s at man!!! thanks btw…

@Gary - Probably so, but so far, so good. It’s early obviously, but no loan place has “zero defaults”. It’s just good to know that so far it’s working.

Rex

]]> By: Gary http://www.techcrunch.com/2007/08/22/lendingclub-to-close-1026-million-series-a/#comment-1568285 Gary Thu, 23 Aug 2007 01:15:10 +0000 http://www.techcrunch.com/2007/08/22/lendingclub-to-close-1026-million-series-a/#comment-1568285 "...and haven’t reported any defaults or late payments." Something tells me this won't necessarily be the case sometime down the line. “…and haven’t reported any defaults or late payments.”

Something tells me this won’t necessarily be the case sometime down the line.

]]> By: Web2.1 http://www.techcrunch.com/2007/08/22/lendingclub-to-close-1026-million-series-a/#comment-1568186 Web2.1 Wed, 22 Aug 2007 23:03:40 +0000 http://www.techcrunch.com/2007/08/22/lendingclub-to-close-1026-million-series-a/#comment-1568186 Facebook is a great viral platform, other social networks I am sure would want to jump on the wagon & monetize themselves through Lending Club and the like. Since there are only two players in the US in the p2p lending space there must be pretty solid barriers to entry. Facebook is a great viral platform, other social networks I am sure would want to jump on the wagon & monetize themselves through Lending Club and the like. Since there are only two players in the US in the p2p lending space there must be pretty solid barriers to entry.

]]> By: Jimmy Huen http://www.techcrunch.com/2007/08/22/lendingclub-to-close-1026-million-series-a/#comment-1568175 Jimmy Huen Wed, 22 Aug 2007 22:51:13 +0000 http://www.techcrunch.com/2007/08/22/lendingclub-to-close-1026-million-series-a/#comment-1568175 @5 - I tend to think that barrier to entry for this is higher than your usual video sharing youtube clones. @5 - I tend to think that barrier to entry for this is higher than your usual video sharing youtube clones.

]]> By: YaredNet http://www.techcrunch.com/2007/08/22/lendingclub-to-close-1026-million-series-a/#comment-1568173 YaredNet Wed, 22 Aug 2007 22:50:23 +0000 http://www.techcrunch.com/2007/08/22/lendingclub-to-close-1026-million-series-a/#comment-1568173 P2P lending on Facebook is SUCH a great idea! P2P lending on Facebook is SUCH a great idea!

]]> By: TechDumpster (living in First Life) http://www.techcrunch.com/2007/08/22/lendingclub-to-close-1026-million-series-a/#comment-1568170 TechDumpster (living in First Life) Wed, 22 Aug 2007 22:49:05 +0000 http://www.techcrunch.com/2007/08/22/lendingclub-to-close-1026-million-series-a/#comment-1568170 Yawn. For serious stuff, people would rather not operate through their Facebook profile. You're not going to handle your mortgage, bills, etc. through Facebook. All the techies seem to forget that since they are too busy jerking each other off. Yawn. For serious stuff, people would rather not operate through their Facebook profile. You’re not going to handle your mortgage, bills, etc. through Facebook. All the techies seem to forget that since they are too busy jerking each other off.

]]> By: SOwhat http://www.techcrunch.com/2007/08/22/lendingclub-to-close-1026-million-series-a/#comment-1568143 SOwhat Wed, 22 Aug 2007 22:18:59 +0000 http://www.techcrunch.com/2007/08/22/lendingclub-to-close-1026-million-series-a/#comment-1568143 boring. anyone can do this no barrier to entry. this is 10M for marketing boring. anyone can do this no barrier to entry. this is 10M for marketing

]]> By: Rex Dixon http://www.techcrunch.com/2007/08/22/lendingclub-to-close-1026-million-series-a/#comment-1568130 Rex Dixon Wed, 22 Aug 2007 22:04:29 +0000 http://www.techcrunch.com/2007/08/22/lendingclub-to-close-1026-million-series-a/#comment-1568130 @David - There is a ton of information available on the Lending Club blog - blog.lendingclub.com Rex @David - There is a ton of information available on the Lending Club blog - blog.lendingclub.com

Rex

]]> By: benny hana http://www.techcrunch.com/2007/08/22/lendingclub-to-close-1026-million-series-a/#comment-1568124 benny hana Wed, 22 Aug 2007 21:56:48 +0000 http://www.techcrunch.com/2007/08/22/lendingclub-to-close-1026-million-series-a/#comment-1568124 The finance space is hot right now as people harness the social networks to provide value added services. The thing is that in loans the big money is in home loans or bigger. If lendingclub will get there, now that's interesting. Other financial services can come online as well, yet again the challenge is to deal with mass products. The finance space is hot right now as people harness the social networks to provide value added services. The thing is that in loans the big money is in home loans or bigger. If lendingclub will get there, now that’s interesting. Other financial services can come online as well, yet again the challenge is to deal with mass products.

]]> By: IM http://www.techcrunch.com/2007/08/22/lendingclub-to-close-1026-million-series-a/#comment-1568112 IM Wed, 22 Aug 2007 21:39:35 +0000 http://www.techcrunch.com/2007/08/22/lendingclub-to-close-1026-million-series-a/#comment-1568112 Prosper is still tops in peer to peer lending. The bidding concept is great. LendingClub will be little more than an 'also ran'. Prosper is still tops in peer to peer lending. The bidding concept is great. LendingClub will be little more than an ‘also ran’.

]]> By: David http://www.techcrunch.com/2007/08/22/lendingclub-to-close-1026-million-series-a/#comment-1568109 David Wed, 22 Aug 2007 21:37:48 +0000 http://www.techcrunch.com/2007/08/22/lendingclub-to-close-1026-million-series-a/#comment-1568109 As more people older than the usual college crowd join the ranks on Facebook, this type of service will become more valuable. Seems like a good time to strike on this type of service. But it seems like they might end up with a lot more lenders than with people needing loans. Any loan to lender ratios or other information available? As more people older than the usual college crowd join the ranks on Facebook, this type of service will become more valuable. Seems like a good time to strike on this type of service. But it seems like they might end up with a lot more lenders than with people needing loans. Any loan to lender ratios or other information available?

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