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Chinese billionaire raises stake in LendingClub, shares climb

Lending Club executives celebrate with company executives during the company’s IPO at the New York Stock Exchange, Dec. 11, 2014.
Brendan McDermid | Reuters
Lending Club executives celebrate with company executives during the company’s IPO at the New York Stock Exchange, Dec. 11, 2014.

LendingClub shares climbed more than 2 percent Monday as Chinese billionaire Tianqiao Chen raised his stake in the online lending platform even though its stock has been punished this year.

Chen raised his stake to 15.13 percent from the 11.7 percent reported last month, according to Reuters. Chen's initial investment came two days after LendingClub shares plunged 35 percent following CEO Renaud Laplanche's abrupt departure from the company.

Chen is bullish on LendingClub and has been investing in the company since late March.

The world's leading peer-to-peer lender traded near $5 per share on Monday. It has nosedived 54 percent this year.

LendingClub year to date: