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Money360 – The Path to Series A

Lending Times Daily News analysis and data for p2p and marketplace lending

Evan Gentry, when he first launched Money360 in 2010,  initially conceived of the first real estate P2P lending platform.  The goal was to create a financial technology solution to match borrowers with qualified investors in the commercial real estate loan market.

The regulatory environment at the time was not favorable to the business model so he ended up shelving the idea.  With the passage of the Jobs act, Evan dusted off the concept and relaunched the platform in September 2014.  Money360 is now a full service loan origination platform that handles origination, underwriting, coordinating and servicing of all loans.

Their first notable success came the month following their relaunch when they originated and secured their first multi-tranche $8.75mm loan.  This created a tranche paying a lower rate and a tranche paying a higher rate allowing investors to choose a risk profile that best matched their portfolio requirements while at the same time providing the borrower a lower blended rate.

Milestones began to follow quickly, a few months later in February 2015 they successfully closed a $1mm loan in 8 business days, eclipsing the 3-4 months it typically takes to close one of these complex transactions.  The following April they secured a $110mm lending facility to fund continued lending operations.  These assets were secured from an early pioneer in the P2P lending space as well as a handful of technology executives and other investors.  And in June they secured their first CREL in Chicago as they marked the beginning of their national expansion.

This week they announced the successful closing of a $2.5mm Series A funding round with two prominent investors in the lending game.  John Maute the co-founder of Helios AMC, a specialty loan servicing company and Jon Barlow, founder of Eaglewood Capital one of the early P2P loan investment funds, both shared in this funding round and each will be joining the board of directors.

Author : Drew Froelich

About the author

George Popescu

Serial entrepreneur.

George sold and exited his most successful company, Boston Technologies (BT) group, in 2014. BT was a technology, market maker, high-frequency trading and inter-broker broker-dealer in the FX Spot, precious metals and CFDs space company. George was the Founder and CEO and he boot-strapped from $0 to a $20+ million in revenue without any equity investment. BT has been #1 fastest growing company in Boston in 2011 according to the Boston Business Journal and the only company being in top 10 fastest in 2012-13 as it was #5 in 2012. BT has been on the Inc. 500/5000 list of fastest growing companies in the US for 4 years in a row ( #143, #373, #897 and #1270). After the company sale in July 2014 until February 2015 George was Head-of-Strategy for Currency Mountain ( www.currencymountain.com ), a USD 100 million+ holding company focused on retail and medium institutional currencies, precious metals, stocks, fixed income and commodities businesses.

• Over the last 10 years, George founded 10 companies in online lending, craft beer brewery, exotic sports car rental space, hedge funds, peer-reviewed scientific journal ( Journal of Cellular and Molecular medicine…) and more. George advised 30+ early stage start-ups in different fields. George was also a mentor at MIT’s Venture Mentoring Services and Techstar Fintech in NY.

• Previously George obtained 3 Master's Degrees: a Master's of Science from MIT working on 3D printing, a Master’s in Electrical Engineering and Computer Science from Supelec, France and a Master's in Nanosciences from Paris XI University. Previously he worked as a visiting scientist at MIT in Bio-engineering for 2 years. George had 3 undergrad majors: Maths, Physics and Chemistry. His scientific career led to about 10 publications and patents.

• On the business side, Boston Business Journal has named me in the top 40 under 40 in 2012 in recognition of his business achievements.

• George is originally from Romania and grew up in Paris, France.

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