Why Shares of LendingClub Were Trading Higher On Tuesday

Shares of LendingClub LC were trading higher by more than four percent on Tuesday after the company announced a partnership with Alibaba Holding Group. BABA LendingClub will team up with Alibaba to offer sales financing to small U.S. business who are buying items from Chinese suppliers. The venture will be named “Alibaba.com e-Credit Line, Powered by Lending Club” and plans to offer loans ranging from $5,000 to $300,000 to U.S. companies at rates of 0.5 percent to 2.4 percent. “This partnership is going to make a pretty big difference in terms of U.S. business' ability to buy goods from China,” Renaud Laplanche, the chief executive of Lending Club, told The New York Times in a telephone interview.