CommunityLend Announces $1 Million Investment from Stone & Co. Limited
We a happy to welcome Stone & Co to the CommunityLend team.
Toronto, ON (December 18th, 2009): CommunityLend Holdings Inc., the parent company of Canadian Peer-to-Peer lending company, CommunityLend Inc., today announced a $1 Million investment through a convertible debenture from Stone & Co. Limited Flagship Stock Fund Canada (“Stone”). As part of their investment, Mr. Richard Stone, Founder and CEO of Stone, will join CommunityLend’s Board in an Observer role.
“We were very intrigued with the possibilities created for Canadian investors through direct participation in consumer lending, a model which has proven successful in foreign markets such as the United Kingdom and USA,” said Richard Stone, Founder and CEO of Stone.
“Consumer Loans have been one of the major drivers for the Canadian banking industry’s profitability for over 100 years,” noted Michael Garrity, Co-Founder and CEO of CommunityLend Inc, “and yet are virtually unavailable as a direct investment opportunity for private investors. 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.”
“We are very excited to have attracted a seasoned asset management organization as an investor in our company. Stone’s participation in our innovative Peer-to-Peer lending model is a great honour and we look forward to their partnership in the coming years.”
About Stone & Co. Limited
Stone & Co. Limited is an independent, 100% Canadian-owned fund company offering the Stone mutual funds, flow-through limited partnerships, and a TSX-listed fund to investors through financial advisors in all provinces and territories of Canada.
About CommunityLend Holdings Inc.
CommunityLend Holdings Inc. is a Canadian corporation based in Toronto, ON, which wholly owns CommunityLend Inc.
About CommunityLend Inc.
CommunityLend Inc. is Canada’s only peer–to-peer lending service, a unique financial services innovation which allows borrowers to cut out banks and credit card companies and to connect directly with lenders through open online loan auctions. Called “game changing” by financial industry analysts[1], this new lending model permits direct investment by eligible investors into the personal lending market, previously largely the preserve of financial institutions. CommunityLend Inc. is a wholly owned subsidiary of CommunityLend Holdings Incorporated, a Canadian corporation based in Toronto, ON. CommunityLend Inc. is registered as a Portfolio Manager in Ontario, and is a registered as an Exempt Market Dealer in the Province of Ontario.
All press inquiries can be made via email to Colin Henderson (CTO) at colin@communitylend.com.
For more information on Stone & Co. Limited, contact Brian Edelstein, Managing Director, Investor Relations
e. briane@stoneco.com | www.stoneco.com
[1] http://www.javelinstrategy.com/2008/01/07/at-last-a-bank-of-your-own/
