Vancouver-based Lendful Financial Inc. on Monday announced it has received an equity investment from Ottawa-based Alterna Savings & Credit Union Ltd, along with a handful of other investors, and is preparing to raise more capital in the coming months.
Lendful is an online lending platform that offers unsecured three- and five-year fixed-term loans of up to $35,000 to creditworthy borrowers with a credit score of 650 and over.
The fintech firm just successfully closed its second round of financing and is lining itself up for a Series A round early in 2017.
‘We’ve already seen a great deal of interest from a number of Canadian, U.S. and Australian VCs and family offices,” says Alex Benjamin, CEO of Lendful, in a news release. “Lendful is bringing value to its shareholders through innovative lending practices and building its proprietary technological platform. Having Alterna onboard so early has added tremendous value to our business and we are truly excited about what lies ahead.”
“We appreciate Lendful’s commitment to building a solution that incorporates the latest in consumer wants and needs,” adds Rob Paterson, president and CEO, Alterna. “The fact that they strive to offer a fully optimized digital experience, like we do, is a good part of the attraction to investing in their growth. We’re also confident the latest additions to their management team will only propel them forward. They are on the cutting edge of seamless customer acquisition, and like their other investors, we see nothing but good things to come.”
Back in January, the firms announced that Alterna was providing $15 million in funding to the online lender.