Loanio Files Amendment to S-1 with SEC; Cedes Code for Cash
Last week, peer to peer lending platform Loanio filed an amendment to their original S-1 filing with the SEC. The original filing was made in late June, and the amendment is dated August 14, 2009. The filing is fairly ho-hum until Loanio discloses that they’ve made an arrangement to license their proprietary source code to another corporation.
Under the terms of the agreement, on April 26, 2009, Loanio licensed their source code to an unnamed corporation. Loanio sold the code under a perpetual term (i.e., forever), and in return received $375,000, of which $100,000 was paid upon signing. The balance will be paid over 18 months beginning in September 2009. It would be fascinating to know who licensed Loanio’s code, especially since, among P2P lenders, it is one of the least mature. The Loanio site was only active for a few months during Loanio’s original launch in October 2008.
The remainder of Loanio’s filing looks fairly straightforward, with not a lot of changes to their original marketplace model. It’s clear with this revision that the SEC asked Loanio to clarify and expand on a few subjects, notably the role of a future “national lending partner” that might help them escape state-by-state lending regulations. (Lending Club and Prosper use WebBank as their national lending partner, allowing them to accept loan applications from borrowers in almost every state.)
Among the 7 loans that Loanio issued during the few months it was active, Loanio has reported that as of June 30, 2009, one of the loans has become 30 days past due. The only other notable detail about the company is that the engineering team has shrunk since the last filing from 5 full-time to 3 part-time members, befitting a company that’s running out of cash while they wait on regulators to approve their registration.
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[...] 100,000 US$ have been payed upon signing. For more details read the full article here. [...]