P2P Lending service Lending Club has raised another 25 million US$ funding.
Union Square Ventures led the Series D round and joins Lending Club as a Board Observer. All existing venture investors participated in the funding round.
“We are thrilled to welcome Union Square Ventures as an equity partner,” said Lending Club CEO Renaud Laplanche. “While we did not need additional funding, we could not pass up the opportunity to work closely with the USV team and their network of companies. USV will be instrumental in continuing to accelerate Lending Club’s growth and in leveraging our technology platform and network effect to simultaneously reduce the cost of credit to borrowers and enhance investors’ returns.”
The new funding brings Lendingclub’s total funding to 77.7 million US$.
(source: press release)