Fintech Startup Lending Loop Secures $2 Million

Lending Loop closed $2 million in financing. Two investors contributed to the round, including MaRS Investment Accelerator Fund.

Lending Loop is Canada’s first fully regulated peer-to-peer lending platform focused on small business. The company screens loan application and assigns a risk rating to the loan requests of creditworthy borrowers. Lenders can purchase securities in the form of notes that correspond to fractions of these loans, as well as select loans based on a wide array of criteria including risk rating. As borrowers make payments on their loans, Lending Loop credits their accounts with funds that can be withdrawn or further re-deployed.

According to the company, Lending Loop will use the funds to roll out its new automated investing product, Auto-lend, and to continue to develop new products and expand its presence in Canada.