Daric, a new peer to peer lending platform will go live next week as a place for individuals or small business to apply for loans and for lenders to see up to 9-10% returns on their investments.
Indiviuals can apply to borrow up to USD 35,000 whilst small business can apply to borrow up to USD 50,000 on the Daric platform. According to its filing on the SEC, Dalic will offer up to USD 10 million on the platform which will ultimately compete with Lending Club who has a similar structure and other online peer to peer lending firms.
Daric is co-founded by Greg Ryan, Vasant Ramchandran and Cooper Dawson. Mr Dawson states that Daric hopes to be different compared to other platforms via a better user experience, don't have to upload any documents and can simply just make an account, apply and (if approved) receive a loan in just a few hours.
Daric successfully raised an angel round of funding in January 2012 from Goldcrest Investments; Dick Kovacevich, former CEO of Wells Fargo; Jennifer Johnson, COO of Franklin Templeton Investments; and others.
With all that being said, Daric will finally go live on Wednesday - Nov 27th, barring any unforseen regulatory issues.
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