Grouplend CEO Kevin Sandhu
Vancouver startup Grouplend brings lending that is peer-to-peer Canada, finally, but can it work right here?
Expedia changed the method we guide routes; Airbnb, rooms. Couple of companies went unscathed on the web age, as startup after startup has struck fear into decades-old institutions by permitting visitors to share automobiles, trade with strangers and rent spaces with no middlemen. One industry that’s stayed reasonably unaffected, however—at minimum in Canada—is banking.
A Vancouver business, Grouplend, would like to alter that. Launched last autumn by 31-year-old previous investment banking analyst Kevin Sandhu, Grouplend is modelling it self after U.S. Businesses such as for example Lending Club and Proper market: on the web peer-to-peer (P2P) loan providers that connect investors with borrowers straight. Those two businesses will be in procedure since 2006 and 2005 respectively, and among them just last year facilitated $6 billion in loans—over twice whatever they did in 2013. “You glance at a map for the G20 countries, nearly all nation has a few or even more carrying this out type of thing, ” Sandhu says. “But no one’s been providing this type of item to Canadian customers.