Aims to Capture Share of Growing Crowdsourced Lending Marketplace
OAKLAND, CA -- (February 26th, 2013) Mosaic, an online marketplace that connects investors to high-quality solar projects, just brought on Howard Solovei as Vice President of Finance. Mr. Solovei was previously the Vice President of Finance at Lending Club where he built the financial and accounting systems required for SEC and management reporting and helped grow the company from $10 million in loans to over $150 million.
"My experience in crowd-sourced lending has proven that vibrant and viable alternatives exist to traditional financial markets. Mosaic offers steady investments with competitive returns that help secure a clean, low cost and reliable energy future. I am very excited to provide an avenue for investors to vote with their values," said Howard Solovei.
Peer-to-peer loans started in the UK and have since spread and become popular in the U.S., China, and Germany. United States market leaders Lending Club and Prosper have loaned more than $1.25 billion to American citizens and their ventures, while traditional banks are now responsible for only 25% of all lending. As of January 2013, Lending Club has generated 22 consecutive quarters of positive returns because of their focus on high-credit-quality borrowers.
In January, Mosaic launched their first return on investment solar projects to the public, selling out all three in less than 24 hours with over $300,000 invested. Since then, Mosaic has partnered with Standard & Poor's, DuPont and Distributed Sun, among others, as part of the truSolar™ working group to increase the efficiency with which projects can be evaluated, maintain high-quality standards, and reduce the time that it takes to bring solar projects to investors.
Over the past two years, nearly 1,000 people have invested over $1.1M in solar projects through Mosaic's platform. Mosaic's latest projects were available to residents of California and New York as well as accredited investors from around the country. Over 10,000 people from every state in the U.S. have signed up to be notified when Mosaic launches their next round of projects. Mosaic will be launching new projects at www.joinmosaic.com in the coming weeks.