October 31, 2015
Lending Club, the world's largest online marketplace connecting borrowers and investors, today announced financial results for the third quarter ended September 30, 2015, and reported a net income of $950,000 for the first time after its IPO in December 2014. Exactly a year ago, Lending Club reported 7.4 million in losses. The company was losing money until this quarter because it was spending more in engineering, product development and sales & marketing than it was earning via loan originations. However, Lending Club has done a remarkable job in growing in triple digits in revenue. It originated more than $2.2 billion in loans this quarter, which is the highest of all quarters to date.