LendingClub, the world's largest online marketplace connecting borrowers and investors directly, filed with U.S. regulators for an initial public offering of common stock.
Peer-to-peer lending allows investors to lend directly to individuals and businesses, cutting out banks via low-cost online platforms.
LendingClub has facilitated over US$5 billion in loans since it was launched in 2007. The company's revenue more than doubled to US$87.3 million in the six months ended June 30 from a year earlier.
The peer-to-peer lending industry became prominent during the global financial crisis, plugging a hole left by cash-strapped banks' reluctance to lend to small businesses.
The largest Australian peer-to-peer lender, SocietyOne, has been backed with funding from mainstream banks including Westpac.
LendingClub's investors include Norwest Venture Partners, Foundation Capital, Morgenthaler Venture Partners and Canaan.
Morgan Stanley, Goldman Sachs & Co and Citigroup are the underwriters for the offering, the company said in a preliminary prospectus filed with the U.S Securities and Exchange Commission on Wednesday.
The company filed to raise US$500 million from the offering, but did not reveal how many shares it planned to sell or their expected price.