NEW YORK, Oct 19 (Reuters) - Lending Club, the world’s largest online marketplace directly connecting borrowers and investors, has chosen the New York Stock Exchange for its initial public offering, the Financial Times reported Sunday.
The FT, which cited unnamed sources familiar with the planned listing, also reported that the San Francisco-based company’s IPO is expected to launch before the end of the year, citing the sources.
Lending Club and NYSE did not immediately return emailed and phone requests for comment.
Lending Club, which has facilitated more than $5 billion in loans since its launch in 2007, filed with U.S. regulators for an IPO of common stock on Aug. 27. The company filed to raise $500 million from the offering, but did not reveal how many shares it planned to sell.
Morgan Stanley, Goldman Sachs & Co and Citigroup are the underwriters for the offering, Lending Club said in a preliminary filing on Aug. 27.
Peer-to-peer (P2P) lending lets investors lend directly to individuals and businesses and uses low-cost online platforms to cut out banks. The P2P lending industry rose to prominence during the global financial crisis, plugging a hole left by the reluctance of cash-strapped banks to lend to small businesses.
Former U.S. Treasury Secretary Lawrence Summers and former Morgan Stanley Chief Executive John Mack are on Lending Club’s board. The company is headed by Renaud Laplanche, a former head of product management for Oracle Corp. (Reporting by Sam Forgione; Editing by Nick Zieminski)