Lending Loop has launched and is aiming to be the first Canadian platform that connects businesses seeking capital with Canadian lenders.
The Toronto-based financial technology startup received an undisclosed amount of seed financing from the Kirsh Group and says it intends on using the capital to kick-start a Canadian peer-to-peer lending marketplace.
Lending Loop has been quietly developing its technology over the past year, with a focus on both simplifying and optimizing business financing for lenders and borrowers alike. While many platforms have gained traction internationally, the Canadian market remains untapped, the Canadian company says.
“We are confident that our platform will prove to be a compelling alternative to high-cost private lenders and overly conservative Canadian banks for small businesses that are looking for flexible financing at fair rates,” says Cato Pastoll, CEO of Lending Loop. “We are starting to witness the displacement of the traditional high-cost and highly cumbersome lending model by a twenty-first century online structure that can both stimulate local economies and put money back into the pockets of all Canadians.”
“Small businesses are the backbone of every healthy economy worldwide and our goal at Lending Loop is to champion their growth across Canada through our innovative and user-friendly platform,” Pastoll added.
Lending Loop is currently hiring in Toronto.