Lending Club, the alternative lender that recently brought in John Mack as a board member, has now added another former Morgan Stanley star: Mary Meeker.
Meeker, now a partner at Kleiner Perkins Caufield & Byers, will take a seat on Lending Club’s board with the venture capital firm’s $15 million investment in Lending Club. Meeker was a famous Internet analyst at Morgan Stanley before joining Kleiner in 2010.
Mack, formerly chairman and CEO at Morgan Stanley, is also investing $2.5 million of his own money.
Lending Club matches investors directly with borrowers through its website, an aim to cut out banks and provide easier loans to consumers and clients. Investors can put their money to work in two different ways: by selecting borrowers to lend to, or by investing in a fund that holds tranches of several loans.
Mack told Deal Journal earlier this year he had invested tranches of loans at Lending Club but hadn’t yet been able to invest equity into the company.
In a release today, Meeker said Lending Club is “helping reinvent the consumer lending industry.”
- Lending Club Gets $15M From Kleiner, Appoints Meeker To Board (pehub.com)
- Prosper Takes On Lending Club’s PRIME Service with Premier (finovate.com)
- Mary Meeker’s Annual Internet Trends Report (blogs.wsj.com)
- MEEKER SAYS WE ARE HOSED: Beyond Tech, It’s Not Looking Good (businessinsider.com)
- Silicon Valley and women: on the Kleiner Perkins lawsuit and more (blogs.siliconvalley.com)
- Kleiner Perkins Closes 15th Fund at $525 Million (dealbook.nytimes.com)
- Lawsuit Against Kleiner Perkins Is Shaking Silicon Valley (nytimes.com)
- Kleiner Perkins closes $525M early stage fund (news.cnet.com)
- Kleiner Perkins to back early-stage biotechs with $525M fund (fiercebiotech.com)
- Ellen Pao Breaks Her Silence: I’m Still At Kleiner Perkins, And I Don’t Plan On Leaving (techcrunch.com)