Its starting waiting fee is 0.027% per day, which translates to 10% annualized. The company earns its revenue by charging a transaction fee from the borrower and a servicing fee from the lenders.
The lenders on the platform are all high net worth individual investors, hedge funds, family offices etc.
The Canadian P2P industry is yet to be established when you compare it to the hyper-funded American alternative lending ecosystem.
A major reason for the discrepancy between the two neighbors is the restrictive view taken by the Canadian regulators.
So when the borrower draws his funding, he has to pay a daily waiting fee on the amount outstanding.
The image below represents the size of the Canadian P2P market.
The company has been able to raise .2 mil in pre-Series A funding from a group of investors led by Real Ventures; the largest VC firm in Canada.