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Does Google Want to be a Small Business Lender?

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May 6, 2013

GoogleLogoBy Bob Coleman
Editor, Coleman Report

Asks Bloomberg’s Patrick Clark.

The reason for the question is Google has announced two investments in alternative lenders this week, including a $125 million investment in Lending Club.

Who is Lending Club? The company boldly states, “Lending Club is using the Internet to reshape the financial system and profoundly transform the way people think of credit and investment.”

Writes Clark, “Combining peer-to-peer lending with Google’s nascent mobile-payments platform Google Wallet could have an even bigger impact, Renton, perhaps allowing a customer to apply for a loan at the point of purchase.

“What’s that have to do with small business lending? Renton broke the news on his blog today that Lending Club plans to start making small business loans by the end of the year.”

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