Lending Club throws a jab at the banking industry in a regulatory filing. You have to love that moxy.

“We believe a technology-powered online marketplace is a more efficient mechanism to allocate capital between borrowers and investors than the traditional banking system,” Lending Club said in the regulatory filing. “Consumers and small business owners borrow through Lending Club to lower the cost of their credit and enjoy a better experience than traditional bank lending.”

via Lending Club seeks to raise more than $500m in IPO – FT.com.