Lending Club COO Scott Sanborn has joined the board of private-equity investment platform CircleUp, according to American Banker.
Sanborn has a history in e-commerce companies, having previously served as a marketing executive at eHealthInsurance, gifting service RedEnvelope and the Home Shopping Network.
“Making growth capital available to companies, many for the first time, can make a significant difference in our economy,” Sanborn said. “With the track record and team in place, I’m excited to serve on CircleUp’s board and help the company continue to grow.”
While both Lending Club and CircleUp are alternative finance companies, there’s little if any overlap in their businesses. Lending Club, which went public in December with the largest U.S. tech IPO of 2014, is a marketplace that connects borrowers and lenders with personal loans of up to $35,000. It has set up $8 billion in loans.
CircleUp, in contrast, calls itself an equity-based crowdfunding marketplace. The company connects high-growth consumer companies with private-equity investors, and also facilitates partnerships between entrepreneurs and larger corporate partners like General Mills and Johnson & Johnson. CircleUp says it currently has about $100 million available for investment through its platform.