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LendingClub Shares Rocket on $1.3B Loan Deal

Shares of the online lender were charging ahead on news of the deal with National Bank of Canada.

LendingClub  (LC) - Get LendingClub Corp Report shares surged by 15% Monday after the San Francisco-based online lender announced a $1.3 billion loan deal with Credigy, the U.S. consumer-finance arm of the National Bank of Canada. At the same time, Lending Club posted a loss of only 4 cents per share in the three months through September, about 2 cents better than analysts projected, and revenue of $115 million topped estimates. CEO Scott Sanborn said in a statement that LendingClub sees the Credigy program as a way to further diversify the company's investor base while adding "the funding visibility and stability that can make us even more resilient in various market conditions."

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