Today, Lending Club announced that they have closed their latest funding round, a Series D, to the tune of $25 million. But what is more significant about this big news is that it places a valuation on Lending Club of a whopping $275 million, up from $80 million last year.
All existing investors participated in the round as well as a new investor, Union Square Ventures, a New York based venture capital firm that have invested in the likes of Foursquare, Twitter and Kickstarter. The $25 million round brings the total raised by Lending Club now to $77.7 million.
This is an historic day for the peer to peer lending industry. A valuation of $275 million for Lending Club demonstrates that the industry is coming of age. It clearly is a vote of confidence not just in Lending Club but in the peer to peer lending concept as a whole.
The news first appeared in the Wall Street Journal this morning, there is no official press release as of right now.
[Update: Here is the official press release.]