VC-backed peer-to-peer lender LendingClub files for IPO


savings-bank-584264-mVenture capital-backed LendingClub, the world’s biggest online platform connecting borrowers and investors, has filed to launch an IPO.

The Norwest Venture Partners-backed finance company has not said how many shares it will issue, but has listed its proposed maximum aggregate price as $500m in its filing with the US securities regulator.

LendingClub lets individual investors lend directly to people and businesses via its low-cost online platforms to cut out banks. It aims to give both parties better deals by cutting out the banks.

The company has arranged more than $5bn in loans since its launch in 2007.

Norwest Venture Partners currently holds more than 25 million shares with a stake of 16.5 per cent. Canaan Partners holds a 15.9 per cent stake, Foundation Capital has 12.8 and Morgenthaler Venture Partners holds 9.2 per cent.

LendingClub has not revealed how these holdings will change once the IPO is launched.

The business said that the capital raised would be used for general corporate purposes, including working capital, operating expenses and capital expenditures.

Underwriters include Morgan Stanley, Goldman Sachs and Citigroup Global Markets.

In June AltAssets reported that Norwest-backed Indian banking group Ratnakar was looking to raise $250m via an IPO early next year.

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