SoMoLend Lets You Borrow Money From neighbours, And It Beat Out Hundreds Of Other Startups For Funding

candice klein

Last year, Candace Klein sat in the audience at our Startup 2011 event. She watched a dozen founders say their piece for a chance to get funded.

“My startup was two weeks old then and I thought, ‘Next year, that’s going to be me.'”

And it was.

Yesterday her startup, SoMoLend, was one of eight finalists chosen to present at Startup 2012 out of a few hundred applicants.

Klein took home the $75,000 cash and in-kind prize, nudging out Trever Sumner’s startup, LocalVox.

SoMoLend helps people and small businesses borrow money from peers.  Unlike Kickstarter, the money given on SoMoLend is debt that has to be paid back. It pulls in credit reports and works with Klout to show how credible the people asking for money are.

Of course, sites like this already exist. Prosper is similar, but Klein is trying to form a niche in the peer-to-peer (“P2P”) space. And, as she says, working hard is in her blood.

Klein’s mother had her when she was 17 and the family lived in a trailer park. She worked three jobs to provide for the family, and now Klein’s mother is the head of multi-brand marketing at Proctor and Gamble.

With the recent Jobs Act passing, investors think SoMoLend could have a big opportunity. “It’s the right team, at the right time,” NYC Seed’s Owen Davis tells us of Klein’s company.

NOW WATCH: Tech Insider videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at

Tagged In