Lending Club gets new investment, acquires Springstone Financial
Lending Club has announced that it has received new funding this morning. It has also announced an acquisition, reported TechCrunch. The marketplace lender has taken in USD65 million from investors including Wellington Management Company, BlackRock, T. Rowe Price Associates Inc. and Sands Capital. Furthermore, the company has also acquired Springstone Financial in a deal valued USD140 million in a transaction paid in stock and cash. It has also a newly listed debt valued USD50 million, reported TechCrunch.
The newly acquired Springstone by Lending Club gives affordable loan options for customers who are looking to fund their education. Loan offers are also made available for medical procedures from more than 14000 schools and healthcare providers, reported TechCrunch.
Lending Club Chief Renaud Laplanche said, “The acquisition of Springstone is significantly expanding the services we offer to help consumers achieve their goals. 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.”