Jeff Goldenberg

So people effectively buy the loans from us.

We originate them and investors buy them and make a spread between the return they get from us and the cost of capital that they have for themselves.

No, we have to raise loan capital because that's our product.

If we don't raise that loan capital, we don't have money to put out in loans because we don't keep the loans on our balance sheet.

We're just a marketplace that finds a buyer and a seller for a loan.

We don't have to have specific capital on hand because we don't have the loans on our balance sheet.

Our investors.

So our debt investors, the people that give us the loan capital, are the people who originate the loans, and we're just the marketplace.

Yeah, well, I mean, someone like Lending Club, who's been out there for seven or eight years, they've got relationships with over 2,000 community banks.

We have a small Schedule A bank in Canada called Equitable, who's invested money in us as well.

But also, we just have...

The seed raise was high net worth individuals and people who are really established in Canada in financial services and can provide us with really smart capital.

It would be a corporation.

It would be an individual through a corporation.

Got it.

What is interesting in Canada that's different is that in Canada, peer-to-peer lending is not legal yet.

Interesting.

So we can't do what Lending Club does in terms of go to the street and get people to invest, even though we have a number of people calling us on the phone every day asking if they can invest in our loan products.

Currently, like I said, the American market is probably seven or eight years ahead of

of the Canadian market and we don't have those regulations yet.