Ledge is a peer-to-peer mobile lending platform powered by Venmo – TechCrunch


Launching today with seed funding of $900,000, Ledge is an app that makes it easy for users to borrow money from their peers.

Everyone knows how difficult it is to lend money to family or friends. The process is tricky and most people never get their money back. Ledge attempts to solve this problem by bringing automation and transparency to peer-to-peer lending.

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Here’s how Ledge works:

When a user decides they need extra cash for something like moving across the country, they can create a campaign, specify an interest rate and payback period, then share it with their friends and his family.

Lenders can then pledge an amount, and once fully funded, the campaign will end and after a one-time approval, Ledge will automatically use Venmo to transfer money to the borrower, from all lenders.

Once the loan period begins, Ledge will automatically calculate payments for all lenders, then make monthly transfers from the borrower’s Venmo account to friends and family.

Adam Neff, co-founder of Ledge, explained that this automation eliminates the awkwardness traditionally associated with lending between friends and family, as all money transfers are processed behind the scenes.

Since the platform is powered by Venmo, Ledge actually doesn’t touch any money, allowing it to bypass a plethora of regulations traditionally associated with the lending industry.

Ledge launches today and is available on the iOS App Store and Google Play Store.

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