LendingClub to end small business loan originations

consumer loan
By Jennifer Kang
23 Apr 2019

LendingClub announced it will close its small business lending unit after five years in operation, as the company shifts to a platform model focused on connecting prospective small business loan applicants to two partner companies.

The San Francisco based company is launching a “co-branded” partnership operation with UK peer to peer lender Funding Circle and non-profit Opportunity Fund, according to a press release published Tuesday. The decision was driven by LendingClub’s intent to move towards being a platform provider and being more ...

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