Lending Club have come out of their quiet period with an astounding announcement for themselves and social lending.
Today, we’re delighted to announce that we have completed this process and are now available to both borrowers and lenders. We believe that this SEC registration is a major step forward for the Lending Club community and social lending in general, as it helps establish the space as a investment alternative to the traditional debt instruments and credit products offered by large financial institutions.
Much of this remains to be digested, but the immediately obviously novel parts are:
- Partnership with FOLIOfn Investments, Inc.,
- On the trading platform, lenders who become customers of FOLIOfn will be able to put notes up for sale in the event they need liquidity before the completed term of a note.
Clearly social lending is undergoing consequential changes and shifts that will determine ultimate viability, and LendingClub are leading the current next wave with securities regulation under their belt and apparently unlimited access to lenders and borrowers.
3 responses so far ↓
laura // October 14, 2008 at 4:24 pm |
Hello,
Does it means that, from now, all LendingClub loans will go through a bank. Is Folio Investments registered as a bank?
Many thanks in advance,
L.
Wiseclerk // October 14, 2008 at 7:58 pm |
L.,
FolioFn is a registered broker dealer and runs the Note Trading Platform for Lending Club
http://www.wiseclerk.com/group-news/services/lendingclub-allows-lenders-to-trade-their-investments/
Wiseclerk
A strange month for the financial services industry; Social Lending is no exception « CommunityLend blog // October 17, 2008 at 9:38 pm |
[...] it has restructured its operation in the US in collaboration with their credit union partners. – LendingClub announced it is reopening its US business following its successful registration with the SEC and [...]