As P2P Lending is a very new and emerging field there are very few experts who have gathered previous practical experience in this field and these are highly sought after. One example is Arkadiusz Hajduk, who founded Fairrates in Denmark, then worked for IOU Central in Canada and now works at Smava.pl in Poland.
This quote from Loanio’s recentÂ SEC S-1 filing shows how critical it is for p2p lending companies to find ideal candidates:
Competition for personnel and employees is intense, and we may not be able to attract and retain the highly skilled individuals whom we need to support our business.
Competition for highly skilled technical and financial personnel is extremely intense. We may not be able to hire and retain these personnel at compensation levels consistent with our existing compensation and salary structure. Many of the companies with which we compete for experienced personnel and employees have greater resources than we have and may be able to offer more attractive terms of employment.
In addition, we invest significant time and expense in training our staff members, which increases their value to competitors who may seek to recruit them. If we fail to retain our personnel, we could incur significant expenses in hiring and training their replacements and the quality of our services and our ability to serve Loanio borrower, co-borrower and lender members could diminish, resulting in a material adverse effect on our business.