Lending Loop is a Toronto-based peer-to-peer lending marketplace that lets Canadians invest their money in small-business loans, providing debt financing to businesses. To date the platform has funded 350 loans totaling over $20 million across Canada, including more than 130 loans worth over $8 million to Ontario businesses. The Ontario government is providing $3 million through a two-year pilot that will cover 10% of each Lending Loop loan, a commitment intended to help fund over $30 million in loans to Ontario businesses during the program. The company paused new loan requests after the Ontario Securities Commission raised compliance concerns, and completed registration as an exempt market dealer by October 2016. In August 2017 Lending Loop raised $2 million in part to explore new lending areas. Management says the pilot will accelerate fintech adoption and expand financing options for small businesses in the province. Lending Loop operates an online marketplace that enables Canadians to lend directly to growing local businesses. Its core product includes loan listings and the new Auto-Lend tool, which lets investors build loan portfolios via preset or custom strategies with no additional fees. The company said it has facilitated over $7 million in financing to small businesses across Canada and has a community of more than 9,500 investors. Leadership is led by CEO Cato Pastoll and Brandon Vlaar. Lending Loop plans to roll out Auto-Lend broadly, continue growing its presence in Canada, and develop new products later in the year. The company also expanded its board and assembled an advisory board to support credit risk, technology development, and strategy. Lending Loop is a Toronto-based financial technology startup building a peer-to-peer lending marketplace. Led by CEO Cato Pastoll, the company has just launched to businesses across Canada and aims to connect businesses seeking capital with Canadian lenders. As of the announcement, businesses can complete a loan application on the company's website while the lending component of the marketplace is scheduled to roll out in the coming weeks. The company intends to use newly received funds to launch and support its peer-to-peer marketplace. Lending Loop received its first round of financing from the Kirsh Group; the amount was not disclosed. Interested investors can sign up for updates at www.lendingloop.ca.

Total raised

$5M

Funding rounds

3

Latest round

Equity

Latest activity

May 2018