Lending Club today announced the acquisition of Springstone Capital, a financier of private education and medical loans. The deal is valued at $140 million in cash and stock.
Springstone works with a network of more than 14,000 healthcare providers and schools to finance higher education loans and those for people needing private medical procedures.
These loans will now be available to Lending Club customers. “Parents looking to finance their children’s education and patients undergoing elective procedures will now have access to Lending Club loans and benefit from responsible, transparent and affordable financing options,” said Lending Club CEO Renaud Laplanche.
To make the deal possible, Lending Club raised $65 million in equity capital from BlackRock, T. Rowe Price Associates, Wellington Management and Sands Capital. Lending Club secured an additional $50 million in debt financing.
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