1/21/09: Pertuity Direct Launches
1/22/09: Swap-A-Debt Launches
1/23/09: Liberia gets its first microfinance bank
1/23/09: Peer to peer loans make the Wall Street Journal
1/24/09: Some complain about Pertuity Direct using a “hard pull” on a borrower’s credit history.
What to watch for this week:
More information on Swap-a-Debt’s launch.
Exciting news from Microplace!
Showing posts with label Swap-A-Debt. Show all posts
Showing posts with label Swap-A-Debt. Show all posts
Monday, January 26, 2009
Thursday, January 22, 2009
Swap a Debt user reviews - false?
Swap a Debt's site has been live only a few hours and is not yet fully functional, but it is filled with testimonials. Unfortunately the endorsements read like ad copy and it is very unlikely these are real users. If not real users, these endorsements have the potential to damage the credibility of the site - the last thing a financial site wants to lose. Here are some of the user comments:
"We got married, bought a house, and had two kids in just a couple of years. It seemed as though we were spiraling downward as our bills increased and our credit scores decreased. Thanks to Swap a Debt, we were able to fix our credit and restructure our debt. We finally see some light at the end of the tunnel. Thank you Swap a Debt!"
I am the owner of a small successful restaurant. I thought that since my business was going well, the bank would give me a loan to expand without a problem. Boy, was I wrong! Thanks to Swap a Debt, I got the money I needed and feel good about my success."
"After the baby came, I made a decision - I needed to start my own landscaping company to live up to my expectations as a father. I was tired of working for someone else. Going to the bank was a nightmare, and it seemed as if I would never get the start-up money I needed to secure my family's future. A friend told me about Swap a Debt, and it was so easy and fast. Thank you Swap a Debt."
"When I discovered that my insurance company was not going to cover my delivery expenses, I panicked. I didn't know which way to turn, and then a friend suggested going to Swapadebt.com. Thanks to your company I got the money I needed to pay the hospital bills and had enough left over to finish the baby room. Thank you Swap a Debt!"
"I was tired of paying high interest rates on my credit cards. I have excellent credit and knew there had to be a way to lower my payments. I tried several times to have my credit cards lower their interest rates, but that was impossible. They would only end up trying to sell me something instead! When I found Swap a Debt, I was thrilled. I got a loan quickly and paid off my credit cards and closed the accounts. If more people did this, maybe it would change the way they do business. Thank you Swap a Debt!'
"We racked up some big credit card debt traveling to Asia to finalize our adoptions. While we consider ourselves blessed everyday for our kids, that debt was hanging over us like a dark cloud. We stumbled across Swap a Debt on Google, and shortly after received a loan at half of the credit card interest rate! We paid off the credit card and turned that dark cloud into a rainbow. Thanks Swap a Debt!"
"When we got engaged, we started to plan for our wedding and our future. We looked at our finances as our first "team" project. We quickly realized that paying such high interest rates on our credit cards was eating away at our savings. We were determined to save for a home, and thanks to Swap a Debt we are well on our way. Thanks Swap a Debt!"
"As a small business owner, I would sometimes find myself short on cash while waiting for my accounts to pay. I was yearning for a quick, simple economic answer to my short-term financing needs. I dreaded going into the bank and jumping through hoops to try to get a loan. Then I found Swap a Debt. I jumped on the computer when I wasn't busy, filled out the easy online forms, and I was done. Thanks Swap a Debt for making something simple; simple again!"
"We got married, bought a house, and had two kids in just a couple of years. It seemed as though we were spiraling downward as our bills increased and our credit scores decreased. Thanks to Swap a Debt, we were able to fix our credit and restructure our debt. We finally see some light at the end of the tunnel. Thank you Swap a Debt!"I am the owner of a small successful restaurant. I thought that since my business was going well, the bank would give me a loan to expand without a problem. Boy, was I wrong! Thanks to Swap a Debt, I got the money I needed and feel good about my success."
"After the baby came, I made a decision - I needed to start my own landscaping company to live up to my expectations as a father. I was tired of working for someone else. Going to the bank was a nightmare, and it seemed as if I would never get the start-up money I needed to secure my family's future. A friend told me about Swap a Debt, and it was so easy and fast. Thank you Swap a Debt."
"When I discovered that my insurance company was not going to cover my delivery expenses, I panicked. I didn't know which way to turn, and then a friend suggested going to Swapadebt.com. Thanks to your company I got the money I needed to pay the hospital bills and had enough left over to finish the baby room. Thank you Swap a Debt!"
"I was tired of paying high interest rates on my credit cards. I have excellent credit and knew there had to be a way to lower my payments. I tried several times to have my credit cards lower their interest rates, but that was impossible. They would only end up trying to sell me something instead! When I found Swap a Debt, I was thrilled. I got a loan quickly and paid off my credit cards and closed the accounts. If more people did this, maybe it would change the way they do business. Thank you Swap a Debt!'
"We racked up some big credit card debt traveling to Asia to finalize our adoptions. While we consider ourselves blessed everyday for our kids, that debt was hanging over us like a dark cloud. We stumbled across Swap a Debt on Google, and shortly after received a loan at half of the credit card interest rate! We paid off the credit card and turned that dark cloud into a rainbow. Thanks Swap a Debt!"
"When we got engaged, we started to plan for our wedding and our future. We looked at our finances as our first "team" project. We quickly realized that paying such high interest rates on our credit cards was eating away at our savings. We were determined to save for a home, and thanks to Swap a Debt we are well on our way. Thanks Swap a Debt!"
"As a small business owner, I would sometimes find myself short on cash while waiting for my accounts to pay. I was yearning for a quick, simple economic answer to my short-term financing needs. I dreaded going into the bank and jumping through hoops to try to get a loan. Then I found Swap a Debt. I jumped on the computer when I wasn't busy, filled out the easy online forms, and I was done. Thanks Swap a Debt for making something simple; simple again!"
New p2p lending company Swap-A-Debt launches
A couple weeks ago we discovered a new p2p lending company seeking regulatory approval from the SEC. Apparently Swap-A-Debt received approval. Without a press release or formal announcement, the site is now live.
The quiet launch may be intentional - the community link does not work and there is a noticeable lack of legal documents and agreements which typically accompany financial sites. There are six borrower listings but all appear to be test listings. I attempted to register as a lender but did not receive a confirmation email. I was also unable to find a customer service phone number or way to contact the company through the site.
Here is their pitch to borrowers:
If you need a personal loan, a wedding loan, a small business loan, a debt consolidation loan or a school loan, Swap-A-Debt is your answer. Our Lender network makes the process very painless and very simple, while offering rates that are far lower than bank rates.
And the pitch to lenders:
On one hand, your bank pays you 2% interest on Your money; on the other hand, the same bank lends YOUR money to others at 8% to 18% interest rate. It seems a bit unfair. Don't you think? Swap-A-Debt makes the lending process simple and gives you the power to make well-informed decisions about whom to lend, so you can act as your own virtual bank! Use any Compound Interest Calculator, and you will see that in a 5-year period you can get 600% more on your money when you join Swap-a-Debt's Lender network.
The site touts five main features:
Swap-A-Debt's filings with the SEC occurred on the same day this month and within days of each other last month. If Swap-A-Debt received regulatory approval perhaps Prosper is not far behind.
Swap-A-Debt is a publicly traded company and trades under SWPD.PK. Marco Garibaldi is the CEO and Edward DeFeudis is the President.
Swap-A-Debt becomes the third p2p lending site to register operations with the SEC ahead of Prosper. Lending Club is the largest and most prominent. Pertuity Direct launched earlier this month.
The quiet launch may be intentional - the community link does not work and there is a noticeable lack of legal documents and agreements which typically accompany financial sites. There are six borrower listings but all appear to be test listings. I attempted to register as a lender but did not receive a confirmation email. I was also unable to find a customer service phone number or way to contact the company through the site.
Here is their pitch to borrowers:
If you need a personal loan, a wedding loan, a small business loan, a debt consolidation loan or a school loan, Swap-A-Debt is your answer. Our Lender network makes the process very painless and very simple, while offering rates that are far lower than bank rates.
And the pitch to lenders:
On one hand, your bank pays you 2% interest on Your money; on the other hand, the same bank lends YOUR money to others at 8% to 18% interest rate. It seems a bit unfair. Don't you think? Swap-A-Debt makes the lending process simple and gives you the power to make well-informed decisions about whom to lend, so you can act as your own virtual bank! Use any Compound Interest Calculator, and you will see that in a 5-year period you can get 600% more on your money when you join Swap-a-Debt's Lender network.
The site touts five main features:
- Lend and Borrow Money on a peer-to-peer basis - this p2p lending action appears to be much like Prosper's auction style format. I was unable to find any mention of fees. Borrower's credit profile information is visible to all visitors unlike Prosper which only shows this information to registered lenders.
- Credit Rating - According to Swap-A-Debt, their credit rating system is "one of the quickest, most advanced, easy-to-use credit access systems in the industry." You can access information credit report information from all three major credit bureaus.
- Credit Doctor - This service is advertised to be able to settle collections and judgments for pennies on the dollar, remove inaccurate items from your credit report, increase your credit score and improve your credit. This service is "guaranteed" to improve your credit. The fee arrangement for the credit doctor service can be found here.
- Send Money - This service appears to be similar to PayPal.
- Payday Loan - This service may be outside of the p2p lending arrangement.
Swap-A-Debt's filings with the SEC occurred on the same day this month and within days of each other last month. If Swap-A-Debt received regulatory approval perhaps Prosper is not far behind.
Swap-A-Debt is a publicly traded company and trades under SWPD.PK. Marco Garibaldi is the CEO and Edward DeFeudis is the President.
Swap-A-Debt becomes the third p2p lending site to register operations with the SEC ahead of Prosper. Lending Club is the largest and most prominent. Pertuity Direct launched earlier this month.
Monday, January 19, 2009
P2P lending: 2008 in review
The P2P lending marketplace changed significantly in 2008. Of course, we said the same thing in our 2007 P2P lending review. There are also likely to be even more significant changes in 2009.
In 2006 the only real P2P lending story was Prosper. In 2007, Lending Club launched and Zopa expanded to the U.S. In 2008 the story is dominated by regulation - Lending Club obtained a green light by the SEC and most other companies shut their doors as they work towards SEC approval.
Here's a look at each individual company:
Prosper
A Prosper scam: The story of Jessica Wolcott - This also happens to be the most read story of 2007 as well.
PayPal competitor Revolution Money Exchange offers $25 sign-up bonus
How does Prosper compare to other investments?
Why does Revolution Money require my social security number?
Borrowing money to lend on Prosper: Wise or Foolish?
P2P lending review: Best of 2007
Prosper: A hands-on education in risk management
Eleven perspectives on P2P lending - this is my favorite article of the year
Fynanz to tackle peer to peer student loan niche
When to bid on Prosper loans
Why would a borrower use Prosper instead of a traditional bank?
P2P Lending Carnival #4
What effect would a recession have on the Prosper marketplace?
Revolution Money Exchange improves referral program
Peer to peer lending in Canada - CommunityLend
We look forward to 2009 and the many positive changes it will bring to the p2p lending marketplace. Happy New Year!
In 2006 the only real P2P lending story was Prosper. In 2007, Lending Club launched and Zopa expanded to the U.S. In 2008 the story is dominated by regulation - Lending Club obtained a green light by the SEC and most other companies shut their doors as they work towards SEC approval.
Here's a look at each individual company:
- First a quick review of 2007: launched inside of Facebook in May 2007 and loaned $100,000 during their first month, expanded to users outside Facebook and became the first p2p lending platform to loan to borrowers nationwide without state-by-state lending caps, hosted a popular YouTube video contest, and received $10 million in venture capital
- In April 2008 Lending Club halts lending in order to register their secondary market and lending operations with the SEC
- In October Lending Club re-opens for investors and announces a secondary market
Prosper
- First a quick review of 2007: named one of the 50 best websites of 2007 by Time, passed $100 million in loans (now at $108 million), received $20 million in venture capital for a total of $40 million raised
- April - Follows Lending Club's lead and eliminates state rate caps
- October - Immediately after Lending Club reopens, Prosper enters a quiet period and halts operations
- December -Prosper is fined $1 million. They then file a S-1 registration statement with the SEC.
Zopa 
- First a quick review of 2007: Zopa expanded from the U.K. to the U.S.
- Named 'most threatening non-bank' in April by the 2008 Retail Banker International Forum.
- In October I had a bad experience trying to obtain a loan from Zopa. A couple days later Zopa closes operations in the US
Loanio
- Loanio launches in October with a focus on platinum verification and co-borrowers
- Follows Prosper's lead and halts operations in November in order to register promissory notes with the appropriate securities authorities.
Other companies to capture our attention in 2008:
- Swap-A-Debt seeks regulatory approval
- Pertuity Direct announces they will launch 'immediately after the New Year' And they do.
- Fynanz becomes the first P2P student loan marketplace. They halt p2p lending and rebrand themselves (Jan 2009) as a loan platform for credit unions.
- In Canada, IOU Central beats CommunityLend to Canada's market for a couple of weeks in February before they halt operations to 'resolve a regulatory matter'. We are still waiting for the first p2p lending company to open in Canada.
- In January 2008 Globefunder opens their doors to borrowers. Since they are only open to institutional investors we have not discussed them on the blog much since.
- Microfinance grows in the U.S. and around the world. We will cover these companies more in 2009 than we have in the past.
We started Prosper Lending Review in 2007. It has been fun and we have learned a lot. Our traffic has grown significantly. According to unique visitors, these are our most popular articles in 2008.
15 Most Popular Articles of 2008A Prosper scam: The story of Jessica Wolcott - This also happens to be the most read story of 2007 as well.
PayPal competitor Revolution Money Exchange offers $25 sign-up bonus
How does Prosper compare to other investments?
Why does Revolution Money require my social security number?
Borrowing money to lend on Prosper: Wise or Foolish?
P2P lending review: Best of 2007
Prosper: A hands-on education in risk management
Eleven perspectives on P2P lending - this is my favorite article of the year
Fynanz to tackle peer to peer student loan niche
When to bid on Prosper loans
Why would a borrower use Prosper instead of a traditional bank?
P2P Lending Carnival #4
What effect would a recession have on the Prosper marketplace?
Revolution Money Exchange improves referral program
Peer to peer lending in Canada - CommunityLend
We look forward to 2009 and the many positive changes it will bring to the p2p lending marketplace. Happy New Year!
Prosper works through regulatory process; nears re-launch
Prosper updated their S1 with the SEC on Friday. In October Lending Club updated their S1 less than a week before they reopened. It is possible Prosper will open in days.
All the documents can be read here:
Swap-A-Debt, a new p2p lending company we discovered in December, also updated their paperwork - on the same day as Prosper. Their filings are here:
All the documents can be read here:
Swap-A-Debt, a new p2p lending company we discovered in December, also updated their paperwork - on the same day as Prosper. Their filings are here:
Wednesday, December 24, 2008
Swap-A-Debt seeks regulatory approval
Swap-A-Debt recently became the latest p2p lending company to seek approval from the SEC. They filed on December 9th - four days after Prosper. On December 22nd they updated their registration.
Here are excerpt from the filing which can be read here:
Business Overview
We are a development stage company in the peer-to-peer (P2P) lending space and we have not generated any revenues since 2005 . Our mission is to establish the most efficient Internet non-institutional lending organization with more services than present privately held competitors. Person-to-person lending or peer-to-peer lending or social lending is, in its broadest sense, the name given to a certain breed of financial transactions (primarily lending and borrowing) which occurs directly between individuals (peers) without the intermediation/participation of a traditional financial institution. The biggest enabling technology for person-to- person lending has been the Internet, where person-to-person lending appears in two primary variations: an “online marketplace” model and a “family and friends” model.
We are an on-line site for borrower’s who want to borrow $1,000 to $25,000 and for lenders who can make educated decisions on credit scores, intended use etc., to receive a higher rate of interest than available at traditional financial institutions. This is all facilitated with an Internet website and a highly efficient back office system to completely automate a process that has become ever more cumbersome at brick and mortar banks. Our fully automated Internet website which utilizes16 high level programmers is ninety five percent complete (for further details please refer to page 1 “Our Corporate Information” section). Because of the high automation of its website the personnel requirements for the company are relatively modest. Swap-a-debt will embark on a major marketing campaign to expand its client base. It is in discussions with major marketing companies to execute this program.
Benefits to Borrowers
We created our peer-to-peer lending community to specifically address the needs of small loan borrowers with few alternatives in the current financial market place. Several key advantages to borrowers participating in the company’s online lending program include the following:
Benefits to Lenders
Likewise, we believe our lending program offers several advantages and incentives for lenders to participate in our peer-to-peer community as below.
Competition
Competitors are listed as follows:
Prosper was the first on-line peer-to-peer matchmaker which started in February 2006 and has over 600,000 users, over 10,000 deals and loans over $200 million. They were initially funded and founded by Chris Larson who founded E-Loan before Prosper.
In April 2007, Ebay moved into peer-to-peer lending space with the purchase of pre-launch, San Francisco based MicroPlace.
Circle lending started in October 2007 and sold a majority stake in the company to Richard Branson’s Virgin USA, re-branding itself as Virgin money. The site manages more than $200 million in loans between friends and family.
The Online Banking Report predicts that within five years, the total market for P2P lending in the U.S. could surpass 1,000,000 loans annually.
Resources Requirements
The resources and necessary know-how to create a successful online community for the purpose of conducting financial transactions, including the borrowing and lending of funds, are extensive. In addition to technical programming skills, the builder must have a thorough understanding of the complex laws and requirements of United States, on a state by state basis, that regulate the online banking industry and dictate its permissible transactions. Effectively, all code must be written to comply with virtually hundreds of laws at every stage and consideration of the transaction process, including the requirements of the Securities and Exchange Commission, the Department of Homeland Security and federal and state laws, among others. Failure to identify and comply with all of these laws as part of peer-to-peer provider’s business plan can delay, halt or even close down an operator’s efforts.
We have invested many thousands of man-hours, and the expertise equivalent of over one hundred years in the programming industry via 16 high level programmers to complete our fully automated Internet website. These efforts were undertaken to ensure all code comprising our platform is logically written to comply with the laws of United States. Furthermore, while we believe our website provides an easy-to-use platform for users, the actual technical framework behind our site is extremely sophisticated. We believe this level of complexity limits the ability of new players to easily enter the market.
Otherwise, we will utilize the proceeds of the investment to bring on senior management to the company. Because of the high automation of our website the personnel requirements for our company are relatively modest. We will also embark on a major marketing campaign to expand our client base. It is in discussions with major marketing companies to execute this program.
Potential Future Business
We are the only online peer-to-peer lending platform for the underserved, small loan market of sub-$25,000 that offers an array of additional credit and financing services to potential borrowers. At present, we do not use any of it own funds for making loans to would-be borrowers, rather the entire amount of funds invested in loans is sourced from other lender participants in the company’s online platform. Going forward, we may choose to pursue a “hybrid model” whereby loans to individual borrowers are sourced in part from the peer-to-peer lending community and in part directly from our own corporate funds.
We believe this hybrid model would be unique to the industry as, at present, the industry of online lending is comprised of players participating either solely as a banking organizations with the deployment of their own funds/customer deposits, or as a peer-to-peer operation where no “house” funds are involved.
Additionally, going forward, we envision extending our lending services small businesses seeking up to approximately $10 million in funding.
Employees
As of December 8 , 2008, we have two full-time employees, Marco Garibaldi and Edward DeFeudis. Marco Garibaldi is the CEO and Co-Founder, and Edward DeFeudis is the President and Co-Founder. Mr. Garibaldi and Mr. DeFeudis each spend in excess of 50 hours per working on behalf of the company. As we launch and begin to generate revenue, we will look to raise capital and hire 9 additional staff members over the next 12 months.
Read the rest of the filing here. In October Lending Club became the first p2p lending company to receive SEC approval. Prosper filed with the SEC on December 5th.
Here are excerpt from the filing which can be read here:
Business Overview
We are a development stage company in the peer-to-peer (P2P) lending space and we have not generated any revenues since 2005 . Our mission is to establish the most efficient Internet non-institutional lending organization with more services than present privately held competitors. Person-to-person lending or peer-to-peer lending or social lending is, in its broadest sense, the name given to a certain breed of financial transactions (primarily lending and borrowing) which occurs directly between individuals (peers) without the intermediation/participation of a traditional financial institution. The biggest enabling technology for person-to- person lending has been the Internet, where person-to-person lending appears in two primary variations: an “online marketplace” model and a “family and friends” model.
We are an on-line site for borrower’s who want to borrow $1,000 to $25,000 and for lenders who can make educated decisions on credit scores, intended use etc., to receive a higher rate of interest than available at traditional financial institutions. This is all facilitated with an Internet website and a highly efficient back office system to completely automate a process that has become ever more cumbersome at brick and mortar banks. Our fully automated Internet website which utilizes16 high level programmers is ninety five percent complete (for further details please refer to page 1 “Our Corporate Information” section). Because of the high automation of its website the personnel requirements for the company are relatively modest. Swap-a-debt will embark on a major marketing campaign to expand its client base. It is in discussions with major marketing companies to execute this program.
Benefits to Borrowers
We created our peer-to-peer lending community to specifically address the needs of small loan borrowers with few alternatives in the current financial market place. Several key advantages to borrowers participating in the company’s online lending program include the following:
- Access to needed funds in the small loan range of $1,000 to $25,000
- The ability to pay a comparatively favorable interest rate, typically ranging from an average of 10% to 16+%, relative to the higher rates often charged by alternative sources such as 25+% for cash advances, credit card changes and payday advances, among others
- The ability to independently source funding from a anonymous third party lender, rather than face the potentially awkward experience of having to approach family and friends for money
- The convenience of an online “banking-like” experience, whereby the borrower can apply for a loan online and monitor the results of their application and “lender hits” anytime, anywhere online.
Benefits to Lenders
Likewise, we believe our lending program offers several advantages and incentives for lenders to participate in our peer-to-peer community as below.
- Compared to the estimated return typically earned on cash deposits, which can range from 2.0% and below, we offer lenders the chance to participate in an investment opportunity with average returns as high as 10% to 16+% on loans made
- As part of the features of the company’s online lending program, lenders are able to diversify their investments in a portfolio of loans by electing to disperse their funds amongst one or several different borrowers. Additionally, a single lender may choose to provide just a fraction of a borrower’s requested amount, with the remainder coming from other participating lenders in the online community. By choosing to practice lending diversification, lenders should better be able to insulate their returns from the default of any one/few borrowers while still earnings superior returns
- The convenience of an online “investing” experience, whereby the lender can create his/her own portfolio of borrower loans
Competition
Competitors are listed as follows:
Prosper was the first on-line peer-to-peer matchmaker which started in February 2006 and has over 600,000 users, over 10,000 deals and loans over $200 million. They were initially funded and founded by Chris Larson who founded E-Loan before Prosper.
In April 2007, Ebay moved into peer-to-peer lending space with the purchase of pre-launch, San Francisco based MicroPlace.
Circle lending started in October 2007 and sold a majority stake in the company to Richard Branson’s Virgin USA, re-branding itself as Virgin money. The site manages more than $200 million in loans between friends and family.
The Online Banking Report predicts that within five years, the total market for P2P lending in the U.S. could surpass 1,000,000 loans annually.
Resources Requirements
The resources and necessary know-how to create a successful online community for the purpose of conducting financial transactions, including the borrowing and lending of funds, are extensive. In addition to technical programming skills, the builder must have a thorough understanding of the complex laws and requirements of United States, on a state by state basis, that regulate the online banking industry and dictate its permissible transactions. Effectively, all code must be written to comply with virtually hundreds of laws at every stage and consideration of the transaction process, including the requirements of the Securities and Exchange Commission, the Department of Homeland Security and federal and state laws, among others. Failure to identify and comply with all of these laws as part of peer-to-peer provider’s business plan can delay, halt or even close down an operator’s efforts.
We have invested many thousands of man-hours, and the expertise equivalent of over one hundred years in the programming industry via 16 high level programmers to complete our fully automated Internet website. These efforts were undertaken to ensure all code comprising our platform is logically written to comply with the laws of United States. Furthermore, while we believe our website provides an easy-to-use platform for users, the actual technical framework behind our site is extremely sophisticated. We believe this level of complexity limits the ability of new players to easily enter the market.
Otherwise, we will utilize the proceeds of the investment to bring on senior management to the company. Because of the high automation of our website the personnel requirements for our company are relatively modest. We will also embark on a major marketing campaign to expand our client base. It is in discussions with major marketing companies to execute this program.
Potential Future Business
We are the only online peer-to-peer lending platform for the underserved, small loan market of sub-$25,000 that offers an array of additional credit and financing services to potential borrowers. At present, we do not use any of it own funds for making loans to would-be borrowers, rather the entire amount of funds invested in loans is sourced from other lender participants in the company’s online platform. Going forward, we may choose to pursue a “hybrid model” whereby loans to individual borrowers are sourced in part from the peer-to-peer lending community and in part directly from our own corporate funds.
We believe this hybrid model would be unique to the industry as, at present, the industry of online lending is comprised of players participating either solely as a banking organizations with the deployment of their own funds/customer deposits, or as a peer-to-peer operation where no “house” funds are involved.
Additionally, going forward, we envision extending our lending services small businesses seeking up to approximately $10 million in funding.
Employees
As of December 8 , 2008, we have two full-time employees, Marco Garibaldi and Edward DeFeudis. Marco Garibaldi is the CEO and Co-Founder, and Edward DeFeudis is the President and Co-Founder. Mr. Garibaldi and Mr. DeFeudis each spend in excess of 50 hours per working on behalf of the company. As we launch and begin to generate revenue, we will look to raise capital and hire 9 additional staff members over the next 12 months.
Read the rest of the filing here. In October Lending Club became the first p2p lending company to receive SEC approval. Prosper filed with the SEC on December 5th.
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