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Canadian platform closes funding round Kevin Sandhu
Canadian online lender Grouplend closed its latest funding round this week, giving it a total raise to date of $10.2 million since its inception 10 months ago.
Leading investors in the latest round include PlentyofFish CEO Markus Frind and Sutton Real Estate Group founder Lance Tracey.
According to a release, Grouplend has already processed hundreds of millions of dollars in loan applications and serviced thousands of borrowers.
That success has translated into heightened investor interest, according to Grouplend’s CEO.
“A Canadian company going from zero to this stage in 10 months is nearly unprecedented, and we are only getting started,” Kevin Sandhu said. “This round of financing will provide Grouplend the necessary ammunition to accelerate our reinvention of lending in Canada, through new products and strategic partnerships.”
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Canadian online lender rebrands as Grow Financial
Canadian online lender Grouplend has rebranded as Grow Financial.
Grow Founder and CEO Kevin Sandhu said the company has evolved, hence the name change.
“The name ‘Grouplend’ is no longer symbolic of the direction that our business is headed. Grow represents our commitment to building and nurturing technology-enabled financial services products to improve the lives of Canadians.”
Grow also introduced its free RateTracker technology which monitors clients’ credit metrics and sends them a monthly e-mail or text with an updated personal interest rate. This is an important step in transparency, Mr. Sandhu said.
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