CommunityLend Raises $3 Million From Strategic Investor

Posted by Techvibes NewsDesk

CommunityLend has raised $3 million through a non-brokered private placement from a single investor. The investor is an existing strategic partner to the company, an experienced private company investor and an operator in other lending companies in Canada.

The net proceeds of the financing will be used towards advancing the company’s rapid market expansion in the Canadian sales finance industry, restructuring of some of the company’s existing debentures and for working capital.

Originally launched as a P2P lending platform in 2008, CommunityLend has evloved and is now Canada’s fastest growing sales finance company, operating a market-leading point of sale finance platform called Financeit on behalf of institutional capital partners.  Financeit provides merchants in the home improvement, vehicle, retail and healthcare verticals with a tool to increase sales through a fast, flexible, and consumer friendly sales financing solution.

Last month CommunityLend reported that Financeit had processed over $70 million in loan applications and that based on current double digit monthly growth rate they would hit $100 million by mid-August.

CommunityLend is one of 19 Canadian startups that have been invited to participate in the C100's upcoming 48 Hours in the Valley event from June 25-27 in Silicon Valley.

Company:
FinanceIt
Website:
http://www.financeit.ca
Location:
Toronto, Ontario, Canada

Financeit is a platform that makes it easy for businesses to boost sales by offering consumer financing to their customers from any device. The company brings point of sale financing tools to main street merchants to increase close rates and transaction size - a proven strategy previously reserved for big box retailers. Since launching in 2011, Financeit has signed up over 2,800 retail, vehicle, home improvement... more

Company:
C100
Website:
http://www.thec100.org/
Location:
San Francisco, California, United States

C100 is a non-profit, member-driven organization dedicated to supporting Canadian technology entrepreneurship and investment. C100 is comprised of a select group of Canadians based primarily in Silicon Valley, including executives of leading technology companies, experienced startup entrepreneurs and venture capital investors. C100 members are passionate about leveraging their collective experience, expertise... more


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Techvibes NewsDesk

Techvibes NewsDesk

Techvibes is Canada's leading technology media property.Founded in 2002, Techvibes covers technology and business news that impacts Canadians. We combine breaking local news with international coverage to deliver a unique balance of insight and information. The Techvibes Newsdesk covers a broad beat and publishes general news stories. If you have a story you would like covered, email... more



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