Versara Lending, a New York City-based consumer lender that specialises in debt consolidation loans, has acquired local personal loan marketplace lender Peerform.

Peerform, which was set up in 2010 by Wall Street executive Mikael Rapaport, will now operate out of the Versara offices.

Versara SVP of lending An Phan said: “We believe that Peerform will greatly contribute toward expanding our current capabilities, and accelerating our service and product offerings to benefit borrowers.”

 Peerform matches borrowers and investors through its Loan Analyzer tool, and offers personal loans of up to $25,000 to dependable borrowers whose requirements were not being served by existing lenders.

“In order to realize our potential, it was important for us to build a strong strategic partnership. By joining Versara, we will be able to combine our resources to scale quickly to compete effectively in the consumer lending industry,” Rapaport said.

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By GlobalData