Canadian P2P Lending Loop has raised $2 million in backing of Auto-Lend, its new automated investing product. MaRS Investment Accelerator Fund led a group of participating investors.
Since its inception Lending Loop’s 9,500-plus investors have provided close to $7 million in financing to Canadian small businesses. They hope those numbers rapidly grow after today’s announcement.
“For far too long, people have assumed the only place to put their hard-earned savings was with a traditional bank,” said Cato Pastoll, co-founder and CEO of Lending Loop. “The release of Auto-Lend means we now have an incredibly simple way for all Canadians to automatically invest their money in this highly attractive asset class.”
Mike Kitchen and Clive Kinross have joined Lending Loop’s board. They bring backgrounds in traditional banking, online lending and online marketplace lending.
An advisory board has also been created. It is expected to consult on credit risk, technology development and strategy.