Under the terms of theacquisition, the three co-founders of 321Lend, with backgrounds in financial services, technology, strategy consulting and consumer products, will continue to serve 321Lendin variousexecutiveroles. Additionally,
As a subsidiary of PFNI,321Lend is developing,andwill soon bedelivering,anonline lending platform that enables borrowers to obtain a fixed-rate personal loan, and investors to purchase notes backed by payments made ontheloans.321Lend's platform,http://www.321Lend.comis designed to be easy to use sothatpotential members can join its community within minutes. Borrowers create listings for a fixed-rate personal loan,and are then funded by investors who chose their target returnsand build their portfolios. 321Lend provides transactional services including screening borrowers for loan eligibility and facilitating payments to lenders.
Peer-to-peer lending is an alternative to thecurrentbanking system, withsignificantly lower operating costs than conventionalbanking and consumer finance institutions.
Since 2007, peer-to-peer lendinghas been one of the fastest growing industries, withyear over year, triple digit growth. As of the end of 2013, the industry has grown to become a $5B+ market. Though it has had stellar growth, it is still at a very early stage market in a huge multi-trillion dollar industry. Credit card balances alone in theUS representan$850B+ opportunity, said
321Lend,iscurrentlyin thelatedevelopment stage,with itssiteexpectedtolaunch later thiscalendaryear.Itsproprietary technologyis near completion with a teamof seasoned developerswith over 25 years of experience in the global banking industry includingpeer-to-peerlending platforms.
To learn more about PFN, visithttp://www.PsychicFriendsNetwork.com.
To learn more about 321Lend, visithttp://www.321Lend.com
Pleasevisit our corporate website at:
Or Call Investor Relations: +1-866-363-3984
Safe Harbor Statement
This news release contains forward-looking statements, including statements containing the words "believes," "anticipates," "expects," "intends," "could," and words of similar import. These statements involve known and unknown risks and uncertainties that may cause the Company's actual results or outcomes to be materially different from those anticipated and discussed herein. Important factors that the Company believes might cause such differences include the success of 321Lend in implementingits business plan and the peer-to-peer lending market generally.
PFN Investor Relations