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Payments General completes USD 12 million venture round

Thursday 19 March 2009 | 03:48 PM CET

US person-to-person (P2P) lending network has closed an USD 12 million Series B round of funding.

US private equity investment firm Morgenthaler Ventures led the round and is joined by existing investors Norwest Venture Partners and Canaan Partners. The additional capital will allow to continue to expand its capabilities and accelerate the growth of its customer base. In August 2007, the company raised USD 10.26 million in a Series A funding round led by Norwest Venture Partners and Canaan Partners. In related news, LendingClub announced that Morgenthaler principal Rebecca Lynn is joining LendingClub’s board of directors. LendingClub also named Pamela Kramer as chief marketing officer. pairs borrowers and lenders through a matching system that combines a search algorithm, credit decisioning and social networking.


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