NEW YORK (TheStreet) -- Shares of LendingClub Corp. (LC) are up 6.98% to $24.69 after non-bank lending hit a high in Europe with 73 deals, suggesting staying power for the world's largest peer-to-peer lending platform, the Wall Street Journal reports.
Earlier this month, in the first ever-initial public offering for an online lender, LendingClub raised nearly $870 million in its IPO priced at $15 a share. The stock is now up more than 4.5% since the listing.
Non-bank lenders carried out 73 deals in the U.K. and Europe in the third quarter, compared with 35 deals recorded in the same period last year, according to the financial advisory firm Deloitte, which began its alternative lender deal tracker in the fourth quarter of 2012.
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Deloitte added that it estimates European direct lending funds are currently sitting on 50 billion pounds of committed capital, including invested and uncalled capital, while more funds are attempting to raise a further 15 billion pounds over the next year, the Journal said.
Although currently only lending to U.S. citizens, permanent residents, and non-citizens in the U.S. on a valid long term visa, the CEO of LendingClub Renaud Laplanche said his company can "disrupt" the banking industry.LC data by YCharts