We all know that the P2P loans startup Lending Club grew remarkably quickly because it launched on the Facebook platform but given that it now runs on its own site, I am wondering what Facebook gained from hosting and more or less incubating Lending Club.
I ask because unlike many of the applications on Facebook, Lending Club is not exactly an engaging or fun application that contributes to time spent by users on Facebook. From what I can tell you either choose to borrow or lend and once you have set up your loan, there is no reason to frequently revisit the application. In fact I see now that when you choose to lend or borrow from within Facebook, it just takes you straight to the LC website. I am not sure how it worked before (if you know, please share).
So anyway I am wondering how much of symbiotic relationship there is between FB and LC. Does/did LC pay FB a commission on each transaction? It also makes me wonder if the recently announced fbFund (Facebook Fund) would fund Lending Club today if the latter were just launching.
What do you think?