VirginUSA Buys P2P Lending's CircleLending
The P2P lending area is starting to get very interesting. Virgin USA has acquired a majority stake in CircleLending. No financial terms were disclosed. The Waltham, MA-based site creates a framework for managing loans between relatives, friends and other private parties.
Sir Richard Branson's Virgin explains: "The investment will form the foundation for a major new Virgin-branded financial services offering in the U.S."
CircleLending was founded in 2002 and claims it has reached $150M in loan volume, while maintaining a default rate of less than 5% on private loans and less than 1% on private mortgages.
CircleLending had raised $16M in VC funding from Venrock, Monitor Company, Intel Capital and the Omidyar Network. CircleLending competes with VC-backed Zopa and Prosper.
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