Community Lend Holdings Inc, the parent company of the Canadian peer-to-peer lending service CommunityLend Inc, announced a $1 million (Canadian) investment via means of a convertible debenture from Stone & Co Limited Flagship Stock Fund (“Stone”).
As part of the investment, Stone Founder and CEO Richard Stone will join CommunityLend’s board of directors in an observational role.
Community Lend’s CEO, Michael Garrity, had this to say about the investment:
When CommunityLend launches in the next few weeks, we intend to remove these obstacles through the introduction of Canada’s only peer-to-peer lending system, a new lending model which removes the middleman in lending transactions by allowing borrowers the ability to connect directly with lenders through a safe and secure online lending system.
