Vancouver-based Lendful, a consumer lending marketplace, has been acquired by Peoples Trust Company.
Vancouver-based Peoples Trust Company provides a suite of financial products and services, including mortgage products, deposit services, and credit cards. The company said its acquisition of Lendful will allow it to make faster decisions in offering borrowers access to capital.
“Strategically, Lendful fits our entrepreneurial culture very well as they are lean, innovative and growing.”
– Grant MacKenzie, CEO of Peoples Trust Company
“We’re excited to welcome Lendful to Peoples Group of Companies,” said Grant MacKenzie, CEO of Peoples Trust Company. “Strategically, Lendful fits our entrepreneurial culture very well as they are lean, innovative, and growing. We believe it makes perfect sense to develop an offering that reflects our customer’s online borrowing needs. Being digital is the future for us at Peoples Group and acquiring Lendful contributes to our position as a leader in what we do, provide access to financial products within select markets.”
Lendful raised $15 million from Ottawa-based Alterna Bank following previous undisclosed investments from Stanley Park Ventures and Ferst Capital Partners of Montreal. Last year, the company partnered with Alterna Bank to launch an end-to-end digital mortgage platform.
“This is a great outcome for our customers and partners,” said Alex Benjamin, founder of Lendful. “Joining Peoples Group means we can further improve what we already do well, offer a 100 percent online and frictionless borrowing experience to creditworthy Canadians who manage their finances digitally. It will allow us to service our growing customer base nationally with offices in Vancouver, Calgary, Toronto and Montreal.”