Lending Loop, a Toronto, Canada-based peer-to-peer lending platform, raised $2m in funding.
The round was led by the MaRS Investment Accelerator Fund with participation from a group of finance and technology investors.
The company will use the funds to roll-out its new automated investing product, Auto-Lend, continue to grow its presence in Canada and develop new products later in the year.
Led by Cato Pastoll, CEO, and Brandon Vlaar, Lending Loop is an online marketplace for Canadians to lend money to growing local businesses. To date, the platform has facilitated over $7 million of financing to small businesses across the country via a community of over 9,500 investors.
The company’s Auto-Lend is a new tool that allows investors to build a portfolio of loans using the company’s technology. Thet can choose a pre-set strategy that matches their risk profile or create a custom strategy to invest, with no additional fees.
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 and assembled an experienced advisory board with key members to help with growth areas including credit risk, technology development, and strategy.