Yet Another Record Month for Lending Club

The numbers are in for April and it was another great month for Lending Club and Prosper. For Lending Club it was another record month, with $17.5 million in new loans issued. The last day of the month provided the usual bump with just over $4 million in new loans issued on April 29. This is the fourth time in five months that Lending Club has had a record month and the growth rate seems to be accelerating as you can see in the chart below.

Lending Club Chart of Growth from Jan 2010 to April 2011

For Prosper the news was also very good. They broke $5 million in new loans for the first time since they reopened in July 2009 after their SEC imposed quiet period. They are maintaining their rapid growth curve that really began after they changed their lending model in December. In just three months Prosper has increased their loan volume more than 50%, as you can see from the steepening of the black three month rolling average curve in the chart below.

Prosper P2P Lending Growth Chart from Jan 2010 to April 2011

  • Peter Renton is the chairman and co-founder of LendIt Fintech, the world’s first and largest digital media and events company focused on fintech. Peter has been writing about fintech since 2010 and he is the author and creator of the Fintech One-on-One Podcast, the first and longest-running fintech interview series. Peter has been interviewed by the Wall Street Journal, Bloomberg, The New York Times, CNBC, CNN, Fortune, NPR, Fox Business News, the Financial Times, and dozens of other publications.

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