Lending Club, one of the largest peer-to-peer lending firms, has announced that it will be moving its offices this month from Sunnyvale, CA to Redwood City, CA.
Lending Club’s COO John Donovan made the following statement about the move, “Lending Club is growing rapidly and we are in need of a larger space to accommodate this growth. In addition, we feel that by moving to Redwood City we will be able to draw on the talent pool of both San Francisco/Oakland and the South Bay.”
The move comes as Lending Club is increasing its staff size and is growing significantly in the amount of loans that it is providing to its borrowers. During the month of December, Lending Club originated approximately $7.1 million in new loans to borrowers.
Lending Club is one of two companies that have gained traction in the world of peer-to-peer lending. Along with Prosper Marketplace, Lending Club connects investors and credit worthy borrowers, hoping to cut the banking industry out of the lending process.
Both companies have had a rebirth of sorts after dealing with legal issues from the SEC in 2008. Now both companies are growing in the amount of loans that they are originating by hundreds of thousands of dollars on a monthly basis.
