Microlending Gets Mega Attention
May 25, 2012- Share:
Startups that specialize in alternative financial services have been collecting a fair amount of venture funding along their ambitious paths to help small businesses, entrepreneurs and consumers in need of loans. These companies have mighty missions, like "changing the world" (SoMoLend's), and they've landed many millions to pursue them. Just last week, SoMoLend secured a seed round that will fund the nationwide expansion of its peer-to-peer lending technology—allowed by the passing of the JOBS Act in April. Back in January, ZestCash, a provider of short-term loans that are way more legitimate than payday loans and pawn shops, bagged a $73 million round of funding. In 2011, another handful of comparable companies also tracked in the PitchBook Platform scored impressive financings, including small business loan specialist Lendio; a mobile financial transaction service for under-banked consumers called Mozido; social lending network LendingClub; and Progreso Financiero, a provider of financial services for the Hispanic market that racked up a $28 million Series D financing.
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