Company Information

Get to know SoMoLend

SoMoLend (Social Mobile Local Lending) was a Cincinnati-based financial technology company founded by Candace Klein. The platform's mission was to democratize small business lending by allowing businesses to borrow money directly from a crowd of accredited and non-accredited investors. It functioned as a debt-based crowdfunding portal, facilitating loans rather than equity investments. The company gained initial traction but ceased operations in late 2013 amid significant regulatory scrutiny from the U.S. Securities and Exchange Commission (SEC) and challenges in securing further operational funding.

Industry

Financial FundraisingPRIMARY
Financial Other Service

Contact

Social

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SoMoLend

United States

Founded in

11 May 2011 (15 Years)

Founded

Last online: No recent activity

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OVERALL SCORE

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--/10

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Regulated

Recommended

IUX

(2,283 reviews)

Mauritius

2015

(10 years)

Security Information :

FSCA

FSC

ASIC

Security Information

Warning

This company is currently Unproved.

Please be cautious of the potential risks!

License

A Grade License

Issued by globally renowned regulators, these licenses ensure the highest trader protection through strict compliance, fund segregation, insurance, and regular audits. Dispute resolution and adherence to AML/CTF standards further enhance security.

B Grade License

Granted by respected regional regulators, these licenses offer robust safety measures such as fund segregation, financial reporting, and compensation schemes. Though slightly less strict than Tier 1, they provide dependable regional protection.

C Grade License

Issued by regulators in emerging markets, these licenses offer basic protections such as minimum capital requirements and AML policies. Oversight is less stringent, so traders should exercise caution and verify safety measures.

D Grade License

From jurisdictions with minimal oversight, these licenses often lack key protections like fund segregation and insurance. While attractive for operational flexibility, they pose higher risks to traders.

TrustFinance is not a licensed financial advisor and is not affiliated with any financial institutions in your region. We encourage you to do your own research before making any investment decisions.