VC-backed Lending Club raises $115 mln, acquires Springstone for $140 mln
Online credit marketplace Lending Club said Thursday that it has bought Springstone Financial for a consideration of $140 million. To help finance this transaction, Lending Club raised $50 million in debt financing and also $65 million in an equity round from funds and accounts managed by T. Rowe Price Associates, Wellington Management Company, BlackRock and Sands Capital. Based in Westborough, Mass., Springstone Financial is a provider of affordable financing options for consumers seeking to fund private education and medical procedures. Lending Club's backers include Kleiner Perkins Caufield & Byers, Google Capital, Foundation Capital, Thomvest Ventures, Union Square Ventures, Canaan Partners and Norwest Venture Partners.
17 April 2014•3 mins read
