In the U.S, P2P lending started with the launch of Prosper in February 2006, and now there are two major lending platforms: Prosper and LendingClub. LendingClub's loan volume has accounted for 80 percent of the U.S. P2P lending market. LendingClub quietly launched on Facebook in May 2007, and LendingClub has gone through three different business models: a promissory note lending model, a banking model and now a securitization model. Each transition in business models has brought new opportunities for LendingClub and each business model has been inseparable from government regulation.
