Canadian online lender Grouplend closed its latest funding round this week, giving it a total raise to date of $10.2 million since its inception 10 months ago.
Leading investors in the latest round include PlentyofFish CEO Markus Frind and Sutton Real Estate Group founder Lance Tracey.
According to a release, Grouplend has already processed hundreds of millions of dollars in loan applications and serviced thousands of borrowers.
That success has translated into heightened investor interest, according to Grouplend’s CEO.
“A Canadian company going from zero to this stage in 10 months is nearly unprecedented, and we are only getting started,” Kevin Sandhu said. “This round of financing will provide Grouplend the necessary ammunition to accelerate our reinvention of lending in Canada, through new products and strategic partnerships.”
Mr. Frind is part of a group dubbed the “Maple Syrup Mafia,” Canadian entrepreneurs, who, through recent liquidity events, are investing back into Canadian startups.
“Grouplend is one of the most promising and innovative startups in Canada,” Mr. Frind explained. “Its technology-anchored approach has the potential to revolutionize banking in this country.”
The company will devote some of the infusion to doubling its complement of software engineers and data scientists, with additional hired in marketing, credit and operations.