Self described as the “next generation of peer to peer lending”, California based Loanz has announced the completion of a $2 million seed funding round. Loanz was formed in 2013 by Outset Ventures. Little additional information was available on the funding round. The company stated the investment was from an “experienced group of financial services and lending executives and entrepreneurs”.
Loanz is described as a “Private Credit Platform” for lending upon which many loan products and companies can be built, all using common underwriting infrastructure “powered by Loanz.”
Peer to peer lending is rapidly growing both domestically and abroad. Some expect P2P lending to quickly ramp to over a $1 trillion industry filling voids left by the traditional banking industry.