Lending Loop raises $2m venture funding

Toronto bases p2p lending platform Lending Loop has raised $2m in venture funding led by MaRS Investment Accelerator Fund. Lending Loop core focus is providing businesses with accessible capital at fair interest rates through a simple online process.

{

Lending Loop said the funding will help the company roll out its latest product Auto-Lend, which allows lenders to automatically invest in loans through Lending Loop’s marketplace. The company also plans to invest in machine learning capabilities to assess the risk of borrowers applying for loans. While the company is focused on the small business market, it also sees opportunities to reach “other” types of borrowers, and will invest in development in this area. “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.”

http://betakit.com/lending-loop-raises-2-million-launches-automated-investment-platform/