Shanda leads purchase in Lending Club

Chen Tianqiao, the founder of Shanda Group who a decade ago was China's youngest billionaire, has led the purchase of an 11.7 percent stake in online lender Lending Club Corp, according to a filing with the US Securities and Exchange Commission.

In a move that spells a continued move away from the online games industry in which Chen made his early fortune, the Singapore-based investment company said it is teaming up with three other investors in acquiring the stake.

The four companies paid a combined $148.7 million for 29 million shares in Lending Club and another $11.2 million for 15.7 million options. Once the options are exercised, Shanda will be Lending Club's largest shareholder.