LendingClub is planning for a $500 million IPO
LendingClub is the largest U.S. peer-to-peer lender that is planning an IPO in the second half of the year. It may raise about $500 million. LendingClub is working with Morgan Stanley and Goldman Sachs for the IPO.
LendingClub connects people to borrowers through the web in return for a yield above U.S. ten-year Treasuries. The U.S. Securities and Exchange Commission requires that issuers of securities with the regulatory agency. LendingClub turned a profit last year and posted $7.31 million in net income.
LendingClub’s net revenue nearly tripled last year to $98 million, according to an SEC filing. LendingClub’s net revenue is derived from fees paid by lenders and borrowers. LendingClub’s valuation hit nearly $3.8 billion in April, up 63% from November.