CommunityLend brings P2P Lending to Canada

Person-to-person (P2P) lending is an increasingly popular way for individuals to borrow and lend money at attractive interest rates. To date, no Canada-based company has tackled this business model as the regulatory issues would be a huge obstacle. Understandably there is a natural tension between disruptive technologies like P2P and financial regulation as peoples needs for innovation need to be balanced against the desire for safe and sound investments. Toronto’s CommunityLend has been quietly working away with regulators over the past ten months and decided to pull back the curtain on their plans yesterday as they ramp up to launch. They’ve put together all the right pieces to make a go at it – an impressive Board of Advisors, an experienced management team, and a regulatory approach based on sound legal advice. Slow and steady appears to be a smart course for CommunityLend considering the halt at Lending Club this week and Prosper‘s quick defense of their structure.