Toronto-based CommunityLend announced today that it has secured a $2.5-million Series-A round of venture capital. CommunityLend is a unique social lending service launching in Canada in mid-2008. CommunityLend will join the social-banking revolution currently underway around the World. Gartner has forecasted that by 2010, social-banking platforms will have captured 10% of the available worldwide market for retail lending and financial planning.
The funding comes from a variety of international sources including 40% from a financial institution out of the United Kingdom, approximately 25% from angel investors based out of the United States and 35% out of Canada.
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