Peer-to-peer lending site CommunityLend has secured a $1 million investment through a convertible debenture from Stone & Co. Limited Flagship Stock Fund Canada last week.
“Consumer Loans have been one of the major drivers for the Canadian banking industry’s profitability for over 100 years,” noted Michael Garrity, Co-Founder and CEO of CommunityLend Inc, “and yet are virtually unavailable as a direct investment opportunity for private investors. When CommunityLend launches in the next few weeks, we intend to remove these obstacles through the introduction of Canada’s only peer-to-peer lending system, a new lending model which removes the middleman in lending transactions by allowing borrowers the ability to connect directly with lenders through a safe and secure online lending system.”
The company is currently working with the government to get final approvals and launch their service.
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