goPeer

goPeer is a Toronto-based peer-to-peer (P2P) lending platform that connects creditworthy Canadian borrowers with investors. The company disrupts the traditional lending model by enabling investors to fund unsecured personal loans for borrowers, earning attractive returns while providing borrowers with access to affordable financing. Established in 2019, goPeer offers amortizing personal loans ranging from USD 1,000 to USD 35,000 with terms of three or five years and Annual Percentage Rates (APRs) between 8.99% and 34.99%, based on the borrower's credit profile. As of December 31, 2022, the platform has delivered an average annualized net return of 10% to investors since inception.

For borrowers, goPeer provides an alternative solution for securing loans at competitive rates through a swift online application process, with funds disbursed within two business days upon approval. Common loan purposes include debt consolidation, home renovations, large purchases, and unexpected expenses. Borrower eligibility criteria include a minimum age of 18, a credit score of 600 or above, annual income exceeding USD 15,000, Canadian residency for at least three years, and a debt-to-income ratio below 35%.

Investors on the platform can diversify their portfolios by investing as little as USD 10 per loan note across various risk grades. As of March 2022, goPeer has facilitated over USD 100 million in loan applications and grown its user base by 400% since early 2021, attracting over 25,000 investors and borrowers. The company is regulated by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) and registered as an exempt market dealer across multiple provinces.

Key customers and partnerships

In March 2023, goPeer partnered with FICO to become the first P2P lending platform in Canada to provide FICO Scores to its customers for free through the FICO Score Open Access program. This collaboration aims to enhance financial literacy and transparency for borrowers by providing insights into their credit profiles and the factors influencing their FICO Scores, which are used by 90% of top Canadian lenders and credit unions.