CommunityLend raises $1.5M to scale operations
We are pleased to announce that CommunityLend Holdings Inc. (CLH) has closed a $1.5M private placement from several individual angel investors and an institutional investment fund. Wildlaw Capital Markets Inc., an investment bank, acted as an agent for the round. The proceeds of this private placement will go to scaling up our loan origination, loan adjudication, and loan servicing operations.
This investment comes on the heels of a successful year since our launch as Canada’s 1st (and only) online consumer loan marketplace by CommunityLend Inc. 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 recent months, CLH has attracted several major partners which are contributing to our exponential growth in loan volume. CLH has signed several strategic channel partnerships recently, including one with Canada’s $6B used car marketplace AutoTrader.ca, announced in December. We have also partnered with over 30 home renovation companies through our subsidiary FinanceIt.ca to provide sales financing to that $30B industry. In the few months since launch, we have aligned FinanceIt.ca with HomeStars and StrengthFinance to serve more home improvement companies.
On the lender capital side, CommunityLend has recently welcomed a new institutional lender into a multi-million dollar pilot and continues to support our individual approved accredited investors.
Thanks to our investors, partners, lenders, and borrowers as we continue our mission to “change the rules of lending” for Canadians.