Lending Club Gains $12M

Sunnyvale-based, which operates a personal lending service which allows people to lend money to others, said this morning it has raised $12M in a Series B funding round. The firm said the round was led by Morgenthaler Ventures, and also included prior investors Norwest Venture partners and Canaan Partners. Morgenthaler's Rebecca Lynn joins the board along with the funding. LendingClub operates an online, social site which allows users to both borrow and lend money to others. In conjunction with the funding, the firm said it has added Pamela Kramer as its Chief Marketing Officer; Kramer was most recently in a similar position at MarketTools, and also has served at E*TRADE Financial. Lending Club has now raised over $24M in funding. More information »