Lending Club Files for Initial Public Offering
San Francisco-based Lending Club Corp. has filed for an initial public offering. The online peer-to-peer lender is yet to determine the number of shares and price range, but expects its initial fundraising target to be $500 million. It said it may use a portion of the IPO proceeds to repay a term loan it used to fund an acquisition earlier this year. Other web-based lenders are expected to follow in Lending Club's footsteps. OnDeck Capital Inc., an online lender to small business, is preparing to file for an IPO that could value the business at roughly $1.5 billion. Executives from Kabbage Inc., another small-business lender, earlier this year indicated an IPO may be on the agenda in 2015.