Google has acquired a minority stake in alternative lending company Lending Club, the company announced in a press release.
Google made the investment through a second transaction, acquiring shares from existing investors along with investor Foundation Capital.
“Few companies have such an in-depth understanding of the Internet as Google,” said Lending Club CEO Renaud Laplanche. “We believe our relationship with Google will be very helpful in better serving our customers. We couldn’t be more excited to have them on board.”
Lending Club states that they facilitated more than $350 million in loans in the last quarter alone and has generated 22 consecutive quarters of positive returns.
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