Peer-to-Peer now challenging traditional banking

Peer-to-Peer now challenging traditional banking. Shares of LendingClub, the world's largest online marketplace that connects borrowers and investors, rose as much as 67 percent in their debut, valuing the company at more than $9 billion. That valuation makes the firm bigger than Comerica, First Republic, Zions, SVB and City National. Only 13 U.S. banks are bigger. The initial public offering of 58 million shares raised $870 million after being priced at $15 per share, well above the expected range of $12-$14. (Source: Canaccord and CNBC)


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