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GlobeFunder is the latest to join the micro-lending market, and has raised $1.5 million in seed capital. Its service is set to launch in October, 2007.
Its focus is on the International market, extending far beyond the US for the purpose of providing a micro-lending system for small businesses and individuals. While GlobeFunder will launch its service in the US, its strategy includes launching in another developing country shortly thereafter. This is a direct way to address the capital issues that many experience in developing countries, and may prove to be a great way to circumvent some local laws that extend the loan and start-up process, as well as leverage the Internet to provide resources to small businesses and individuals that would otherwise not see access to the cash they need.
LendingClub, a company with a similar service in the US, has recently received $2 million in funding and has seen rapid growth, especially through its Facebook platform, reaching some impressive milestones since its launch earlier this year.