Lending Club Secures $1.3 Billion Purchase Program from National Bank of Canada Subsidiary
SAN FRANCISCO, Nov. 7, 2016 /PRNewswire/ — Lending Club LC, +14.23% the world’s largest online marketplace connecting borrowers and investors, announced that National Bank of Canada has approved investing up to $1.3 billion to be deployed on the Lending Club platform over the next twelve months. The investment will be undertaken by Credigy, a U.S. subsidiary of National Bank of Canada, which specializes in consumer finance investment.
“We’re pleased to add this platform purchase program with Credigy to our investor capital mix. As we take multiple strategic actions to enhance our marketplace, we see the Credigy program as a way we’re further diversifying our investor base and adding the funding visibility and stability that can make us even more resilient in various market conditions,” said Scott Sanborn, President and CEO at Lending Club.
“Lending Club is a clear leader in delivering access to unsecured consumer credit. Based on Lending Club’s track record of loan performance and our extensive review, we are excited to establish this purchase program and invest on the platform,” said Brett Samsky, CEO of Credigy.
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