P2P Lending News

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.

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If you counted Loanio out after issuing only $14k in P2P loans last fall, you’ll be surprised at this recent second wind. On Tuesday, they filed an S-1 with the SEC, and over the last few months, have been posting job listings for a Chief Operations Officer (COO), Chief Technical Officer (CTO), Chief Marketing Officer (CMO), and VP Finance.

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Loanio, the little P2P lending company that could, has filed an S-1 with the U.S. Securities and Exchange Commission to offer $50 million in peer-to-peer loans through their web site at Loanio.com. As Loanio makes clear in the email that announced their filing, the registration statement relating to the securities has been filed but has not yet become effective.

This regulatory filing is similar to the first steps taken by Lending Club, Prosper, and IOU Central. (To date, only Lending Club has been approved.) Unlike Prosper and Lending Club, however, who had originated millions in loans and had the opportunity to test their platforms and raise money before submitting to the will of the SEC, Loanio has had a tough row to hoe. According to the S-1, Loanio was formed in April 2007 and eventually launched on October 1, 2008, only to be shut down eight weeks later on November 25.

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