Lending Club announces intentions to go Open Social
Lending Club, the rapidly growing people-to-people (P2P) lending service, today announced the company’s commitment to releasing its affinity-based lending application across Google’s OpenSocial, a new platform for building social applications across the Web.
The significance of this announcement is the fact that Lending Club began as a startup that gained momentum via the Facebook open developer platform. Now without regard to the question of “will lightening strike twice”, they are now taking the lead as the p2p lending company to first announce it’s intentions of providing p2p lending across the Google Open Social network.
While the biggest p2p lender Prosper continues to make headlines by taking more money, Lending Club is taking the social express train that Open Social promises by making a commitment to be there first.
While this is not an earth shattering announced race to mars, it is an important push to be at the forefront of p2p lending. The Open Social platform has the potential to do what the Facebook open developer platform did – further entrenching the Lending Club name as synonymous with the consumer mind set when they think of p2p lending.
To help people identify lending and borrowing opportunities, Lending Club uses its proprietary affinity-matching technology, LendingMatch™, which looks at factors such as where a person went to school, where they grew up, what they do for a living and their network associations. LendingMatch™ instantly recommends diversified portfolios based on these affinities and ensures the creditworthiness of each borrower.
Lending Club is available to individual borrowers with credit scores at or above 640. They are headquartered in Sunnyvale, CA, with $10.26 million in funding from Norwest Venture Partners and Canaan Partners taken back in August of this year.
Full Disclosure: Rex Dixon works for Lending Club as their Director of Social Media Content.
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