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Peter Thomson and Thomvest make strategic investments in Lending Club

Peter J Thomson (pictured) has become a cornerstone investor in the Conservative Consumer Credit Fund.

 

LC Advisors, a wholly-owned subsidiary of Lending Club, serves as the General Partner of the Fund, which invests in the two highest grades of 36-month consumer loans originated through the Lending Club platform.  In addition, Thomvest, Thomson’s venture fund, has taken an equity interest in Lending Club alongside Union Square Ventures. 
 
“Our philosophy is to embrace and promote innovation,” says Thomson, chairman of Thomvest and director of Thomson Reuters Corporation. “We believe Lending Club is a remarkable financial innovation: it creates a more direct path between sources of capital and the consumers who need that capital at a given point in time, which helps lower interest rates for consumers and offer higher yield to investors. As we look to preserve and grow our capital with fixed-income investments, Lending Club’s investment platform fits our needs ideally.  Thomvest is also pleased to be able to participate in Lending Club’s future growth as an equity investor.”
 
“We are thrilled to welcome Peter Thomson and Thomvest as strategic partners,” says Lending Club CEO Renaud Laplanche. “We have gotten to know each other during the several months of their due diligence process and it became clear that we share the same views concerning the role of technology and innovation in improving marketplace efficiency and transparency. These shared values, combined with Mr. Thomson’s cornerstone investment on our platform, make Mr. Thomson and Thomvest our key strategic partners for the years to come.”  
 
Lending Club continues to experience unprecedented growth – over 100 per cent year-over-year – including a record month in August with over USD30 million in new investment capital added to the Lending Club platform. The company recently surpassed USD350 million in total loans originated and is now originating over USD23 million in prime consumer loans each month.
 
Focusing on prime and super-prime quality borrowers enables Lending Club’s platform to have generated over a 9.5 per cent Net Annualised Return as of 1 September, 2011, while offering consumers interest rates well below traditional alternatives for similar borrowers. 

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