Subsequent Events

3 Months Ended

Jun. 30, 2011

Subsequent Events [Abstract]

Subsequent Events

14. Subsequent Events

On July 28, 2011, we issued 7,027,604 shares of Series D convertible preferred stock for aggregate cash consideration of approximately $25,000,000. The shares are convertible into shares of our common stock, par value $0.01 per share, on a one-for-one basis, as adjusted from time to time pursuant to the anti-dilution provisions of the LendingClub certificate of incorporation.

In connection with the sale of Series D Preferred Stock, we filed a Certificate of Amendment to our Amended and Restated Certificate of Incorporation with the State of Delaware, which increased the total number of shares which we are authorized to issue from 117,116,801 shares to 137,471,535 shares, 80,000,000 of which are designated as common stock, 17,006,275 of which are designated as Series A Preferred Stock, 16,410,526 of which are designated as Series B Preferred Stock, 15,621,609 of which are designated as Series C Preferred Stock, and 8,433,125 of which are designated as Series D convertible preferred stock. Also, in connection with the issuance and sale of the Series D convertible preferred stock, we increased the number of shares of our common stock authorized for issuance pursuant to its 2007 Stock Incentive Plan to 12,355,625 shares.