WSJ: Lending Club hires banks for IPO

|By:, SA News Editor

The WSJ reports Lending Club, owner of a fast-growing P2P lending platform, has hired Goldman and Morgan Stanley (among other banks) to take it public. An offering could arrive by year's end.

Lending Club was valued at $3.75B in a recent funding round, after getting valued at just $2.3B in a round last year. The company has handled over $4B worth of personal loans (both from individuals and financial firms) over its lifetime, and is looking to expand into additional types of credit.

This spring, Lending Club bought Springstone Financial, an issuer of loans meant to help parents pay for private school tuition, for $140M.

Google reportedly took an 8% stake in Lending Club last year.