TORONTO, June 11, 2015, /CNW/ – Lending Loop has opened its doors to businesses across Canada, aiming to be the first Canadian platform that connects businesses seeking capital with Canadian lenders. The financial technology start-up received its first round of financing from the Kirsh Group, and intends on using the seed capital to kick-start a Canadian peer-to-peer lending marketplace.
Lending Loop has been quietly developing its technology over the past year, with an intense focus on both simplifying and optimizing business financing for lenders and borrowers alike. As of today, businesses across Canada are able to complete a loan application on Lending Loop’s website. The company says the lending component of its marketplace will be rolled-out in the coming weeks, and interested investors are encouraged to sign up for updates at www.lendingloop.ca.
The past five years have witnessed the dramatic global ascent of an industry commonly referred to as “marketplace” or “peer-to-peer” lending. While many platforms have gained traction internationally, the Canadian market remains untapped. Lending Loop hopes to bridge that gap, helping promising and rapidly growing businesses to obtain flexible financing at fair rates, while giving lenders the opportunity to earn attractive and transparent fixed income returns through a diverse set of lending opportunities.
Lending Loop is an online marketplace for Canadians to lend money to growing local businesses. The company was born after the founders became frustrated with the inefficiencies and imbalances of traditional banking which has created an environment where small businesses struggle to access affordable financing. Having observed these issues in business borrowing, the domestic need for new technology became readily apparent.