P2P lending platform SoLo Funds has reportedly collected $10m to support the expansion of its presence in the US.
The fresh equity was supplied by ACME Capital, Impact America Fund, Techstars, Endeavor Catalyst and CEAS Investments, according to a report from TechCrunch. Other backers included existing stakeholders West Ventures, TransferWise co-founder and CEO Taavet Hinrikus and Google Startups head Jewel Burks Solomon.
SoLo is allegedly financing tens of thousands of loans each month and loan volumes are growing monthly by 40%.
The company aims to be a community that empowers members to easily access and supply short-term funds for immediate needs. The community works together to build mutually beneficial outcomes, its website states.
Lenders can explore the app to find loans that meet their criteria, getting full transparency on where their money is going.
Borrowers can apply for short-term loans and set the terms they feel comfortable with, including a lender appreciation tip.
The company’s co-founder Travis Holoway told TechCrunch that its default rate is around three-times better than the industry average.
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