Lending Club, a company that aims to reduce the cost of lending by connecting consumers with investors, filed for an initial public offering valued at up to $500 million on Wednesday.
The San Francisco company did not say when it plans to go public or how many shares it expects to sell. It also did not disclose a proposed ticker symbol.
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LendingClub Corp. runs an online marketplace that connects borrowers and investors. The company said it facilitated $1 billion in loans in the second quarter, with a total of $5 billion in loans since 2007. The company reported $87.3 million in revenue in the first half of 2014, more than double its total from that period in 2013. However it took a loss of $16.5 million in the first six months of the year. It turned a profit of $1.7 million over the first six months of 2013.
Lending Club said it plans to use the proceeds of its IPO for general corporate purposes and to repay debt.