A major milestone was announced by Lending Club this morning. They have crossed $5 billion in total loans issued and $1 billion of that number was in this past quarter. They have released this cool infographic to commemorate the occasion.
As regular readers know Lending Club stopped daily updates to their download file and statistics in early April, so until now we had no idea how the second quarter was performing. This press release this morning has answered that question.
In the first quarter of this year we knew that Lending Club issued $791 million in new loans and in March (the last full month they shared this data) they issued $272 million. So it was not unexpected that they would issue $1 billion in the past three months. And given that they were at just over $4 billion in total loans issued since inception at the end of March the $5 billion number was no surprise either. But still, it was good to get confirmation that the strong growth is continuing at Lending Club.
When I reached out to Lending Club this morning they said their exact total for loans issued in the second quarter was $1,005,946,090. This brings their total originations from inception in 2007 through June 30th, 2014 to $5.04 billion. Lending Club has a history of hitting their projected numbers when it comes to total originations so clearly, these $1 billion and $5 billion numbers were targets for the second quarter.
They continue to show very impressive growth ahead of their upcoming IPO.