StreetShares raises $10.3m for “Shark Tank meets eBay” approach to P2P lending
StreetShares raises $10.3m
Alternative lending platform StreetShares raised $10.3 million in a venture round this week, writes Finovate (Banking Technology‘s sister company).
The funds come from an undisclosed investor and bring the Virginia-based company’s total funding to almost $20 million since it was founded in 2013.
StreetShares describes itself as “Shark Tank meets eBay” because it serves as a platform where small business owners pitch their loan requests to the community of StreetShares investor members.
Founded by military veterans, StreetShares is focused on offering financing for small businesses run by military veterans and their families, but serves non-veteran run small businesses, as well.
The company offers loans with terms ranging from three to 36 months and lines of credit ranging from $2,000 to $100,000. Investors can lend from $25 to $100,000 in Veteran Business Bonds and earn 5% interest.
Last year, the company began leveraging Title IV (Regulation A+) of the JOBS act to allow unaccredited investors to lend to small businesses. It is now one of only a handful of P2P lending platforms open to unaccredited investors.
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