Union Square Leads Lending Club Round

8/3/11

San Francisco-based Lending Club, which operates an online platform where users can invest in or obtain personal loans, said today that it has itself obtained $25 million in new financing. Union Square Ventures of New York led the round, which was joined by existing investors Morgenthaler Ventures, Norwest Venture Partners, and Canaan Partners. Union Square has taken an observer seat on the board of the four-year-old startup, which has now raised some $77 million all told. “We believe Lending Club will surpass the largest US banks in the next decade both in size and performance because it leverages the power of the network to grow faster, get smarter and become increasingly more efficient over time,” Union Square Ventures managing partner Fred Wilson said in a statement.

Wade Roush is a contributing editor at Xconomy. Follow @

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