Lendified’s President Kevin Clark was on Bloomberg TV Canada’s The Daily Brief with Ritchie Pamela last night answering the question of whether big banks should be threatened by the existence of online lenders, and the fintech industry in general. He was in a unique position to answer this question as prior to co-founding Lendified with Troy Wright, CEO, both founders had extensive experience in the banking industry. His answer, in short, was a resounding “absolutely not.”
He was also asked about their recently granted 20 million dollars in funding, and if he sees them eventually adopting a peer-to-peer lending model. He stated that while that was a possibility, they were a balance sheet lender (in that the responsibility for holding the risk lies with them) and would like to remain that way as that’s one of their core strengths. He revealed that in fact this was a one of the key things that Liquid Capital and Next Edge liked about Lendified’s model.
To wrap things up, when asked about direct competition, Clark maintained that there is room for a lot of players in this space, with the good ones surviving. To that end, he said “there’s going to be room for Lendified for a long time”. In many ways the most important sentiment here was expressed by Clark earlier in the interview when he said “At the end of the day it’s the small businesses that will win”
“We are not disruptive, we truly feel we’re complimentary to the way the banking system operates today.”