Ram Ahluwalia – PeerIQ cofounder and CEO – remarked:
“Over the past six months, we’ve delivered our first-generation platform and demonstrated the value of institutional grade market surveillance, scenario-testing, cashflow analytics, as well as portfolio management and reporting”
“This investment from a core customer is important validation of our product and will allow us to accelerate new feature development and client delivery. We are excited to partner with Victory Park Capital, as well as Fenway Summer Ventures and our existing investors.”
The investment comes after a $6M seed investment back in April. That investment was fuelled by high profile names, such as John Mack – former chariman and CEO of Morgan Stanley – who commented on the latest fundraise:
“As P2P lending continues to develop, market participants are looking to diversify their funding sources, from securitizations to credit facilities to closed-end funds…Advanced analytics and standards, which PeerIQ is bringing to market, are helping these new sources to scale effectively.”
The success of services such as those provided by PeerIQ demonstrates the mounting need for sophisticated data analytics within the global marketplace lending space. Other companies in a not dissimilar space are also growing rapidly – with Orchard Platform raising $30M this week. As platforms offer an increasing number of complex products, and an increasing amount of institutional capital flows into the space, it is not surprising that auxiliary companies, such as PeerIQ and Orchard, are finding success.
