Peer-to-peer lending platform Peerform is being acquired by debt consolidation lender Versara Lending.
The terms of the deal are undisclosed.
Since it was founded in 2010 Peerform had raised more than $5m in funding through a mixture of debt and convertible note offerings.
Peerform aims to offer personal loans of up to $25,000 to dependable borrowers for whom traditional lending is unavailable by matching them to lenders.
Versara SVP of lending An Phan said the company will leverage the company’s growth and experience in the consumer lending space.
He said, “Peerform will greatly contribute toward expanding our current capabilities, and accelerating our service and product offerings to benefit borrowers.”
Peerform CEO and founder Mikael Rapaport said the company was, “committed to continue the growth we’ve experienced since we started the company in 2010.”
He added, “In order to realize our potential, it was important for us to build a strong strategic partnership.
“By joining Versara, we will be able to combine our resources to scale quickly to compete effectively in the consumer lending industry.”
Peerform will now operate out of Versara New York office.
Copyright © 2016 FINTECH GLOBAL
Copyright © 2018 RegTech Analyst
