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August 3, 2011 06:39 pm GMT

With Record P2P Loan Growth, Lending Club Raises $25 Million Led By Union Square

Lending-Club-July-2011Peer-to-peer lending sites are hot again among investors of all stripes. Lending Club today announced a new $25 million Series D financing, led by Union Square Ventures (with existing investors participating). The funding comes on the heels of a $17 million round Eric Schmidt and DFJ put into competitor Prosper in June.In July, Lending Club generated $20.6 million in new loans, compared to $6 million for Prosper. Both are growing rapidly, however. Lending Club has reached new record loan numbers in 7 of the past 8 months, according to Peter Renton of the Social Lending Network (see chart). P2P lending sites allow individuals to lend to each other. But institutional money has been flowing into these markets, attracted by the higher interest rates.

Original Link: http://feedproxy.google.com/~r/Techcrunch/~3/CzZ7mFO58iA/

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