goPeer, a Canadian peer-to-peer lending platform, now accepts retail investors to finance loans. The move follows the Ontario Securities Commission decision earlier this year to grant goPeer an EMD [Exempt Market Dealer] Licence. Now, non-accredited investors can invest in an asset class offering direct exposure to consumer credit.
CEO of goPeer Marc-Antoine Caya commented:
“We are delighted to announce the public launch of the goPeer online platform today. Unlike other platforms, with goPeer you don’t need to be an accredited investor to start investing. We want to democratize loans and make them accessible to all Canadians, ”said Caya. “Canadian investors want to diversify their investment portfolio, but face limited options beyond traditional stocks. We are changing that.
In the goPeer market, individual investors can lend as little as $ 10 per loan and earn monthly principal and interest payments like banks. goPeer reports that interest rates on unsecured installment loans offered through the platform start at 7.5% and are typically lower than traditional lenders.
Caya said the response from users exceeded their internal expectations.
“In just two weeks, we received over $ 2.5 million in loan applications and hundreds of investors have already joined goPeer. Borrowers are happy with the straightforward process for submitting their loan application and the speed with which it is approved. People appreciate the convenience that goPeer provides. “
goPeer says it leverages proprietary technology that integrates machine learning and AI to power the lending platform:
“We condensed a process that traditionally took days into minutes, changing the way people think about borrowing.” mentionned Joseph buaron, goPeer CTO.
goPeer is a registered exempt market dealer in all Canadian provinces and the only company registered with securities regulators to operate a peer-to-peer lending platform. The service is currently available in all Canadian provinces.