Leading US marketplace lender unveils investor app

By Ryan Weeks on Tuesday 18 April 2017

Alternative Lending

Lending Club’s 148,000+ investors can now invest from their mobiles.

Lending Club’s 148,000+ investors can now invest from their mobiles.

Lending Club, still the largest marketplace lender in the US by cumulative lending, has launched an iOS app for its investors. The new app can be used both to invest funds and to manage existing investments.

More specifically, the new app will allow users to upload funds and to set their automated investment settings, as well as to invest in notes manually, from their mobile phones. Users will also be able to check their account value, performance (in terms of net annualised return) and to set push notifications for regular updates.

Lending Club has close to 150,000 individual investors signed up to its marketplace, which it claims constitutes the largest retail investor base in the P2P/marketplace lending space globally. But the vast majority of the c. $25bn that has been invested via the platform to date has come from institutional investors.

Both Lending Club and Prosper have made efforts to bolster their retail investor bases after institutional confidence in the asset class wobbled during a turbulent 2016. Lending Club has several times tightened its integration with retail-facing robo-advisor LendingRobot, and Prosper revamped its retail investor offering last summer.

Consider Renaud Laplanche, former founder and CEO of Lending Club, a fan of the new app. Laplanche gave the app five stars and in following review:

“i have been investing with lending club for years (obviously), and I love that i can finally manage my account with an app. better late than never... :)”

Laplanche recently announced the launch of Upgrade, a rival to Lending Club which arrives in the market with $60m in Series A backing. Upgrade will sell loans exclusively to institutional investors.

Below are a few images of the new Lending Club app. 

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