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Google backs Lending Club

3 May 2013

dollar_money_bag_170sqLending Club has secured a new backer in tech giant Google, which has led a $125m investment round in the peer to peer lending website and will now take a minority stake.

The new investment values the business at $1.55bn, roughly three times what it was worth a year ago.

Google and venture capital firm Foundation Capital have acquired the stake by buying shares from earlier investors including several other venture firms.

Existing backers including Norwest Venture Partners, Canaan Partners, Union Square ventures and Thomvest did not respond to requests for comment.

A spokesman for Morgenthaler Ventures said he could not comment on the deal.

Lending Club CEO Renaud Laplanche said, “Few companies have such an in-depth understanding of the Internet as Google.

“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.”

Since its launch Lending Club has facilitated more than $1.65bn in loans including over $350m in the last quarter.

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