A new P2P lending platform is getting ready to go live, and for individuals and businesses seeking a loan they are free to sign up now. The platform is called Daric.
Daric’s goal is simple. The business model itself is not unlike existing platforms like Prosper or Lending Club. It’s goal is to facilitate peer-to-peer loans between those seeking a return and individuals and businesses in need of capital. However, the platform’s co-founders – Greg Ryan, Cooper Dawson and Vasant Ramachandran – want to place an increased focus on design and user experience in order to compete with existing industry stalwarts.
The platform will also consider different criteria when trying to determine a borrower’s creditworthiness. Rather than placing focus on criteria like a user’s credit score or existing credit lines, Daric will place increased focus on income and cash flows.
In addition, lenders can collateralize hard assets – gold, for example – and use them to loan money on the platform, thus seeing a return on these assets. Indiviuals can apply to borrow up to $35,000 whilst small business can apply to borrow up to $50,000 on the platform. Daric will offer up to $10 million in loans at any given time.
In a recent interview with Wiseclerk.com, Daric CEO Greg Ryan didn’t seem afraid to jump into the waters with lending giants like Lending Club. He says that lenders can spread assets across platforms like Lending Club, Prosper and Daric for some increased diversification.
The platform is currently testing with a small group of accredited investors but plans to open the platform to other investors soon.
Daric’s list of investors include former Wells Fargo CEO Richard Kovacevich, Franklin Resources COO & EVP Jennifer Johnson and Goldcrest Investments Chairman & CEO Adam Ross among others.
An S1 filed with the SEC in July of this year details how the platform will work.
Edit: We had previously reported that the platform is said to be looking to go public, but Daric co-founder and CEO Greg Ryan clarified that this is not the case.
