Google Inc. (Nasdaq: GOOG) has purchase a minority stake in Lending Club, a peer-to-peer lender, as part of a $125 million round of venture capital funding.
Foundation Capital also purchased a minority stake, which was sold by some existing investors. Terms of the deal were undisclosed.
San Francisco-based Lending Club has issued more than $1.65 billion in unsecured personal loans since its founding in 2007. The company originally launched on Facebook and has doubled its loan volume every year since its start. Borrowers can apply for loans, which are given by investors, who end up with a loan portfolio through the site
Lending Club has received a total of $220 million in venture capital backing from Canaan Partners, Norwest Venture Partners and several others.