Significant on its own, the first billion dollar quarter represents 20 percent of all loans generated since Lending Club facilitated its first loan seven years ago.
The rapid pace of growth is not lost on industry analysts like Foundation Capital’s Charles Moldow. “This is a milestone not just for Lending Club but for the marketplace lending industry, and I believe it’s just the beginning,” Mr. Moldow said in a press release. “Currently, less than 2 percent of lending revenue is being captured by marketplace lenders in all verticals. I believe options for marketplace lending will continue to develop.”
The announcement continues a run of noteworthy moves in 2014. In March Lending Club announced the creation of a small business platform. That was followed by the acquisition of education and medical procedure loan facilitator Springstone Financial in April.