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Lending Club and Prosper Cross $2 Billion in Total Loans

March 28, 2013 By Peter Renton 5 Comments

Views: 63

This morning Lending Club and Prosper crossed another major milestone. There have now been more than $2 billion in total loans issued by both companies. This comes just ten months after they crossed $1 billion.

As you can see from the above chart, which shows total loan volume since Prosper launched in February 2006, Lending Club has been the primary driver of growth in the last couple of years. The total loan volume issued since inception stands at $1,525 million at Lending Club and $477 million at Prosper translating to a 76% market share for Lending Club. If you look at the second billion by itself the difference is even more stark: Lending Club issued $869 million to Prosper’s $132 million.

With Lending Club’s rapid growth and early signs of a turnaround at Prosper (which I will be covering in my end of month post tomorrow) we may cross $3 billion here within six months. Wow.

Filed Under: Peer to Peer Lending Tagged With: $2 Billion, Lending Club, Prosper

Views: 63

Comments

  1. Jason Jones says

    March 28, 2013 at 8:40 am

    That is a big accomplishment for LC and Prosper! If you add up all of the additional P2P platforms globally that reveal total originations, you get to a total of about $2.9 billion. I have a feeling that this number of going to rapidly accelerate.

    Reply
    • Peter Renton says

      March 28, 2013 at 9:59 am

      Completely agree Jason. The big three in the UK (Zopa, Ratesetter and Funding Circle) continue to break records and there is strong growth in other parts of the world as well. I think we will double that total within 12 months.

      Reply
  2. Simon Cunningham says

    March 28, 2013 at 11:40 am

    Really stunning. Six months till $3 billion is an amazing possibility. Has any burgeoning asset class had this degree of growth before?

    Reply
  3. Peter Renton says

    March 28, 2013 at 12:05 pm

    The only financial services product that I can think of with such fast growth is ETF’s. They have gone from nothing in 1993 to over $1.5 trillion in assets in 20 years. Of course, it is possible that p2p lending, particular if you expand the asset class to include all kinds of direct online lending (small business, real estate, student loans, etc.), will exceed even that rapid growth.

    Reply

Trackbacks

  1. The Online Lending Revolution: LendIt 2013 says:
    July 17, 2013 at 12:39 am

    […] like Lending Club thundering success. When combined with Prosper, both companies account for over $2 billion in issued loans in just seven years. This begs the question: what exactly happens when the world’s largest […]

    Reply

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LendIt Fintech News, Powered by Lend Academy, has been bringing you all the news and information about fintech and online lending since 2010 when it was founded by Peter Renton. We not only have the industry’s most active news site, but also the largest investor forum and the first and most popular podcast.

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