NEW YORK (AP) — Shares of online lender LendingClub soared 56 percent in their stock market debut Thursday.
San Francisco-based LendingClub makes personal and small business loans by connecting borrowers with investors.
Its shares rose $8.43 to close at $23.43 Thursday after trading as high as $25.44 earlier.
LendingClub Corp. raised $870 million by offering 58 million shares at $15 per share. Its stock is listed on the New York Stock Exchange under the ticker symbol "LC."
The company's business aims to make it easier and faster to apply for a loan than going to a bank. Borrowers are often approved within a couple of days. LendingClub says it has originated $6 billion in loans since its launch in 2007.
Rival online lender On Deck Capital Inc., which makes loans to small businesses, filed for an IPO last month. It expects to raise as much as $180 million.