LENDING Loop, a Canadian peer-to-peer lending platform, has agreed to finance Snakes & Lattes, a cafe chain where people can play and buy board games.
Amfil Technologies, which owns Snakes & Lattes, said on Tuesday that the financing will be used to fuel the expansion of the brand across North America.
The partnership means that Snakes & Lattes can avoid “toxic financing deals” and instead receive funding “at a fair market rate with flexible cash repayment terms,” it said.
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There will be a mass advertising campaign to promote both Lending Loop and Snakes & Lattes.
Lending Loop is Canada’s first fully regulated P2P lender. It was founded at the end of 2015 but had to overcome several regulatory hurdles before launching its online platform.
It began the registration process to become an exempt market dealer in March 2016, but it was another seven months before the firm finally won regulatory approval from the Ontario Securities Commission.
Snakes & Lattes operates two venues in Toronto which offer food, drinks and around 3,000 board games to play and purchase. It also has an online board games store.
Guests pay a small cover charge to play board games for as long as they like.
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