Lending Club plans IPO
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NEW YORK - In its nearly eight years, the Lending Club, the biggest marketplace for peer-to-peer loans, has garnered fans on Wall Street. Now, the company hopes to bring even more investors into its fold.
The company on Wednesday filed for an initial public offering of stock, hoping to seize on the rapid success of peer-to-peer lending as it grows into a robust alternative to traditional bank loans.
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In a prospectus, the Lending Club listed $500 million as its preliminary fund-raising target, though that is generally regarded as a placeholder and the firm could seek more.
The Lending Club has been the leader in the peer-to-peer lending industry for several years, overtaking slightly older competitors.
From its founding through June 30, the company says, it has financed more than $5 billion worth of loans and paid out nearly $494 million in interest to investors.
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