While peer-to-peer lending platforms have made it increasingly possible for people to get loans, even if rejected by a bank, doing your due diligence and seeking out the best rate remains a smart move. French startup CompareLend is looking to help in this effort, by providing a platform through which users can search for the right loan offer, across various services.
On the borrower side, users are expected to provide information regarding the duration, amount, objective, expected-return, etc. for the loan, which an algorithm then takes and uses to conduct a personalized search on offers available through partner platforms (more than 20, they report). C They do not simply leave borrowers to their own devices, either, but also offer tutorials, which provide tips on how to get a better loan.
And, on the lender side, CompareLend is offering visibility (through a page on their site), access to leads, and statistics on partner-platforms in exchange for the platform’s loan-application requirements, access to their API/web-service with loan listings, access to their affiliate program (if they have one), and information about their goals and the types of loans they are seeking. And CompareLend offers tutorials here as well, providing information on how to invest or get a better return.
CompareLend declined to reveal how the company generates revenue, but noted that their “comparator” can be accessed for free.
An interesting aspect of CompareLend is that they pursued their global ambitions right from the start, launching simultaneously in the United States, United Kingdom, and France in December 2015. Since then, they have picked up 10,000 users, and they are hardly satisfied with that, telling me that they intend to begin operations in additional European countries, as well as launch version 2 of their platform, in September.
According to Maddyness.com, CompareLend hauled in 380K Euro last month from a group of private investors.