LenDenClub launches new VC fund to support fintech startups
LenDenClub, a peer-to-peer (P2P) lending business, has launched LenDenClub Alpha, a corporate venture capital fund focused on seed and pre-series stage fintech startups. LenDenClub has set aside a $2-$3 million fund for the current fiscal year in order to launch LenDenClub Alpha. According to LenDenClub, its new venture fund is geared at assisting early-stage entrepreneurs in designing their vision and developing a solid business strategy that offers tech-backed futuristic items to maximise customer impact. LenDenClub Alpha would prioritise companies in the lendingtech, wealthtech, neobanking, underwriting tools, and other related sectors. When asked about the source of funding for LenDenClub Alpha, Bhavin Patel, cofounder and CEO of LenDenClub, stated that the company is successful and has substantial assets parked to fuel these initiatives. Patel said, "The overall pool for LenDenClub Alpha will include a combination of the monies we raised as well as our own earn...