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eCommerce - Friday, May 11, 2007

eBay Buys Pre-launch Microfinance Biz Microplace

Sorry but we missed this deal last month, and it seems that very few outlets noticed it. eBay has moved into the peer-to-peer lending space with the purchase of pre-launch, San Francisco-based MicroPlace. It will face startup competitors Kiva, Zopa, and Prosper.

Interestingly, eBay is spinning this as part of its good corporate citizen programs:
"Microplace is an eBay-like platform for individuals to find and invest in microfinance organizations around the world and was acquired in May 2006 as part of eBay Inc.'s efforts to build out our Global Citizenship and Development initiative. This ongoing initiative is focused on maximizing our corporate resources to continue to drive social good through a variety of innovative programs. Examples of these programs include the successful Giving Works program available on the eBay Marketplace, which has generated millions of dollars for thousands of charities since 2000 and the eBay Foundation, which has contributed more than $13 million to non-profit organizations."

Microplace's CEO and founder is Tracey Pettengill, who was CFO at ApproTEC/KickStart and Founder and CEO at 4charity.

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