The Bankwatch

Tracking the consumer evolution of financial services

Virgin enters the P2P loan market

Virgin have taken a majority stake in CirclLending, a P2P lending operation in the US. Jim at Netbanker pointed this out to me the other day.

This is significant, because for the first time, we have billion dollar company successful in other fields, including financial services, entering the space.

Richard Branson’s Virgin Group has taken a majority stake in Massachusetts-based CircleLending, a provider of loan administration services that specialises in managing loans between relatives and friends. The investment will form the foundation for a new Virgin-branded financial services offering in the US.

Source: Finextra

This should be a wake up call to Banks. Certainly, no-one is suggesting P2P lending will overtake Banks, at least not just yet, but where will Virgin take this?

Written by Colin Henderson

May 20, 2007 at 23:53

Posted in P2P Lending

%d bloggers like this: