The Bankwatch

Tracking the consumer evolution of financial services

Congrats to Smava on raising 4M Euro’s in funding for operations

Congratulations to the German social lender Smava who just raised 4M Euros for operations.

smava finance further growth with 4 million Euros

For a change, times a corporate internal message from smava we have with our existing investors Earlybird and Neuhaus Partners as a new investor with a growth financing in the amount of EUR 4 million completed. In these turbulent times, we are pleased about the funding particularly!

Smava’s news is somewhat poignant as pointed out by Exciting Commerce Unlimited following on the New York Times report Lending Alternative Hits Hurdle.

But this so-called peer-to-peer lending, which until recently seemed that it  might offer a reliable source of money in this calamitous economic  environment, is now experiencing a squeeze of its own.

The wide ranging article touches on many points, and covers most of the US players, although misses Virgin Money US. 

No question that social lending is in its infancy, and the introduction of regulation was not something which all US participants saw.  However we now have an example, Lending Club, now operating under regulation, and opening up in new states weekly. 

There will be forward steps and missteps, but social lending is beginning to establish itself now with over 50 companies participating around the world.

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Written by Colin Henderson

November 2, 2008 at 23:15

Posted in Uncategorized

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