The funds are earmarked toward feature development on the risk analytics platform, increasing the number of institutional investors and hiring staff.
The $2.5 million is in addition to $6 million of funding announced in April.
PeerIQ’s CEO said after creating a solid foundation, now is the time to grow the platform.
“Over the past six months, we’ve delivered our first-generation platform and demonstrated the value of institutional grade market surveillance, scenario-testing, cashflow analytics, as well as portfolio management and reporting,” Ram Ahluwalia said. “This investment from a core customer is important validation of our product and will allow us to accelerate new feature development and client delivery.”
Victory Park Capital saw unique qualities in PeerIQ that separated them in a crowded marketplace.
“Despite the rapid growth in both P2P loan origination and institutional participation in this market, there are few providers of advanced risk management and reporting solutions,” Victory Park Capital Vice President Philip Nanney said. “As the market continues to grow and mature, we believe many asset managers will require tailored risk analytics in the P2P space, and we are excited to support PeerIQ in meeting this market demand.”
PeerIQ provides tools for analyzing, accessing and managing risk to institutional investors in the peer-to-peer lending industry. The platform aggregates industry data from P2P platforms and offers reporting and analysis.
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