TORONTO Aug. 2, 2017 – Lending Loop has raised $2 million in funding to roll-out its new automated investing product, Auto-Lend, and continue to grow its presence as Canada’s premier peer-to-peer lending platform. The company also plans to use the funds to help with new product expansion later in the year. The round was led by the MaRS Investment Accelerator Fund and included a group of finance and technology investors.
To date, Lending Loop’s platform has facilitated over $7 million dollars of financing to small businesses across the country with the help of its growing community of over 9,500 investors. With fresh financing in place and the launch of Auto-Lend, Lending Loop aims to rapidly scale those numbers and help thousands of Canadians make higher interest on their money in the process.
“For far too long, people have assumed the only place to put their hard-earned savings was with a big bank,” said Cato Pastoll, co-founder and CEO of Lending Loop. “The release of Auto-Lend means we now have an incredibly simple way for all Canadians to automatically invest their money in this highly attractive asset class.”
Led by co-founders Cato Pastoll and Brandon Vlaar, the company is on a mission to democratize financial services, making it work for the many, not the few. It believes it can do so by operating under a system of radical transparency which is why it has also launched a new page where it makes its lending data publicly accessible at lendingloop.ca/statistics.
After raising its most recent round of funding, Lending Loop also added two industry veterans, Mike Kitchen and Clive Kinross, to its board of directors. Mr. Kitchen and Mr. Kinross add a wealth of experience from the traditional banking, online lending and online marketplace sectors. To further cement its presence in this industry, the company also assembled an experienced advisory board with key members to help with growth areas including credit risk, technology development, and strategy.
Auto-Lend is a new tool that allows investors to easily build a portfolio of loans using Lending Loop’s technology. Investors can choose a pre-set strategy that matches their risk profile or create a custom strategy to invest. There are no additional fees for using Auto-Lend.
About Lending Loop:
Lending Loop is Canada’s first peer-to-peer lending marketplace, allowing Canadians to invest their money in small business loans. Lending Loop allows businesses to access debt financing at affordable interest rates through a simple online process. They do this by cutting out costly intermediaries, allowing Canadian businesses and investors to prosper together. Lending Loop’s mission is to provide Canadians with access to simple and attractive returns by supporting the growth of Canadian businesses. To find out more visit www.lendingloop.ca
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