Peer-to-peer lending marketplace Lending Club is announcing new funding and an acquisition this morning. The company raised $65 million from T. Rowe Price Associates, Inc., Wellington Management Company, LLP, BlackRock and Sands Capital, and $50 million in debt. And Lending Club acquired financing company Springstone Financial for $140 million in cash and stock.
Springstone provides affordable financing options for consumers looking to finance private education and elective medical procedures through a network of over 14,000 schools and healthcare providers.
“The acquisition of Springstone is significantly expanding the services we offer to help consumers achieve their goals,” said Lending Club CEO Renaud Laplanche in a statement. “Parents looking to finance their children’s education and patients undergoing elective procedures will now have access to Lending Club loans and benefit from responsible, transparent and affordable financing options.”
For background, Lending Club brings together lenders and borrowers who want to cut out banks in…
View original post 171 more words