Toronto's CommunityLend raises $1.5 Million to scale operations

Posted by Rob Lewis

The Toronto startup community is having a great day. CoverItLive got acquired by Demand Media and now CommunityLend has announced that they have closed a $1.5 million private placement from several individual angel investors and an institutional investment fund.

According to the CommunityLend blog, the proceeds of this private placement will go to scaling up their loan origination, loan adjudication, and loan servicing operations.

This investment comes on the heels of a successful year since CommunityLend's launch as Canada’s 1st (and only) online consumer loan marketplace. Monthly loan volume has more than doubled each of the last 3 months and we are projecting this pace of growth to continue throughout 2011.

In late 2010, CommunityLend has attracted several major partners which prompted Techvibes to include co-founder Michael Garrity on our 2011 Digital Media People to Watch list for Ontario.

CommunityLend signed several strategic channel partnerships recently, including one with Canada’s $6B used car marketplace AutoTrader.ca, announced in December. They have also partnered with over 30 home renovation companies through their subsidiary FinanceIt.ca to provide sales financing to that $30B industry. In the few months since launch, they have aligned FinanceIt.ca with HomeStars and StrengthFinance to serve more home improvement companies.

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


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Rob Lewis

Rob Lewis

Rob is the President of Techvibes Media and Editor-in-Chief of Techvibes.com.  His diverse background includes stints in International Trade Finance, Web Development, and Enterprise Software and he is a graduate of the University of British Columbia, British Columbia Institute of Technology, and Simon Fraser University. When not running Canada's leading technology media property, Rob can be... more



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