News from Comunitae

Spanish p2p lending service has now been one months in beta phase.

So far 900 borrrowers have submitted loan applications and 260 lenders have communicated their intention to provide funding for the total of 110,000 EUR (approx. 80,000 US$). One factor named for the success of the beta phase is the high media attention. In recent weeks Comunitae was covered on CNN, Radio Nacional de España, Intereconomía, Onda Madrid Radio Canal Nou, 7RM, Media Capital, Europa Press, El Pais, El Mundo, Expansión, Liberty Digital, El Economista, Cincodías ABC, My Portfolio Investment, Capital, Politics economic reason, which, AVUI, Invertia, Soitu as well as over 50 blogs.

(Source: Comunitae newsletter)

Comunitae gets 2 million Euro funding

Comunitae gets 2 million Euro funding from Entrinnova to establish itself as a p2p lending service in Spain.

Comunitae will allow loans between 3,000 and 15,000 Euro for loan terms of 1 to 3 years. The amount that lenders can lend will be up to 50,000 Euro (minimum 50 Euro). Only residents of Spain will be able to use the platform.

Founded by José Miguel Rotaeche and Arturo Cervera, both ex-bankers at BBVA, Comunitae aims to launch in mid 2009. The name is derived from “Comuni” for a group of persons and the spanish abbreviation “TAE” for interest rates.