The San Francisco startup, which connects borrowers and lenders, plans to use its new funds to expand -- just like its main rival.
The peer-to-peer lending startup had connected borrowers and sellers for personal loans up to $35,000, but now it's catering to small businesses with $100,000 loans.
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Apparently feeling some competitive urgency, the dominant peer-to-peer lending company has accelerated its expansion -- and reversed its profitability for now.