Canadian fintech firm goPeer has launched a new online lending platform that will allow Canadian investors to connect with the company’s customers seeking personal loans.

goPeer is offering a consumer peer-to-peer lending platform to investors, who can lend as low as $10 per loan application and earn monthly repayments of capital and interest.

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The offering generates risk-adjusted returns and lower duration risk by investing in consumer loans, compared to other fixed income investments.

This unsecured instalment loans provided to customers through the platform offers interest rates starting from 7.5%.

goPeer CEO Marc-Antoine Caya said: “Unlike other platforms, with goPeer you don’t need to be an accredited investor to start investing. We want to democratize lending, and make it accessible to all Canadians.

“Canadian investors want to diversify their investment portfolio, but are faced with limited options beyond traditional stocks. We are changing that.

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“In just two weeks, we received over $2.5m in loan applications and hundreds of investors have already joined goPeer.

“With proceeds from lending going back into the hands of everyday people, we strengthen the economy and make a difference in the lives of Canadians.”

goPeer built the new platform by using modern serverless architecture, which incorporates machine learning and artificial intelligence (AI) integrations to digitise lending.

goPeer CTO Joseph Buaron added: “We have condensed a process that traditionally took days into minutes, changing the way people think about borrowing.”