Lending Loop is a financial technology company offering loans through their online loan platform that is headquartered in Toronto, Canada and was founded in 2014 by Brandon Vlaar and Cato Pastoll. The Lending Loop loan platform is a peer-to-peer lending network aimed towards providing loans to small businesses. Businesses are able to receive loans ranging from $1,000 to $500,000 with interests rate starting at 5.9%.
On August 7, 2017 Lending Loop announced receiving $2 million in funding from the MaRS Investment Accelerator Fund and several other investors. The company told reporters it plans on using the funding to help launch their Auto-Lend product which is made to give lenders the opportunity to automatically invest in loans through the Lending Loop marketplace. At the time of announcing their $2 million venture funding round, the company also announced that Mike Kitchen and Clive Kinross will be joining the company's board of directors.
On May 2, 2018 Lending Loop announced it will be receiving $3 million from the Canadian government to support offering loans to small businesses in Canada. The funding will be distributed to small businesses by the Canadian government contributing 10% of each Lending Loop loan for approximately $30 million worth of loans given by Lending Loop of a two-year period. The CEO and co-founder of Lending Loop, Cato Pastoll, made the following statement regarding the company's partnership with the Canadian government:
This partnership is a major step forward for peer-to-peer lending in Canada. Globally, over $40 billion has been lent to businesses through the peer-to-peer model, and we are incredibly excited to see the Ontario government involved in helping support the growth of businesses across the province.
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