On April 8, 2008, LendingClub temporarily suspended new lender registration, canceled its affiliate program and entered a "quiet period" while it awaited approval to issue promissory notes to lenders. On June 20, 2008, LendingClub filed an S-1 statement with the U. S. Securities and Exchange Commission (SEC) seeking the registration of $600 million in "Member Payment Dependent Notes" to be issued on its Web site. On August 1, 2008, LendingClub filed an amendment to its Form S-1 outlining new interest rate formulas as well as more details on a "resale trading system". On October 14, 2008, LendingClub announced its completion of the SEC registration process, posted the filed prospectus on its website, and resumed new lender registration. Notes issued on or after October 14, 2008 represent LendingClub securities rather than direct obligations of the ultimate borrower and are tradable (can be bought and sold) on the Foliofn trading platform. In March 2009, LendingClub raised $12 million in a Series B funding round led by Morgenthaler Ventures.