TrustLeaf
{{Short description|Defunct crowdfunding service}}
{{Infobox company
| name = TrustLeaf, Inc.
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| type = Private
| industry = Friends & Family Loans, Software
| foundation = 2013
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| defunct = {{End date|2016|11}}{{citation needed|date=March 2024}}
| location_city = Sunnyvale, California
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| key_people = Anson Liang (Founder, CEO)
Daniel Lieser (Co-founder)
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| homepage = [https://web.archive.org/web/20140625081018/https://trustleaf.com/ trustleaf.com]
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TrustLeaf was an alternative crowd funding service for startups and small businesses to raise money from friends and family using personal loans.[http://smallbiztrends.com/2014/07/trustleaf-family-friends-loans-startup.html "TrustLeaf Helps You Structure “Family and Friends” Loans for Your Startup"]. Small Biz Trends, Jul 6, 2014 by Shawn Hessinger It was founded in 2013 and was based in Sunnyvale, California. Anson Liang and Daniel Lieser were its cofounders.[http://www.bizjournals.com/sanjose/print-edition/2014/05/30/trustleaf-a-platform-for-friends-and-family-loans.html?page=all "TrustLeaf: A Platform for friends and family loans"]. San Jose Business Journal.
Friends and family crowdfunding
Unlike the more common equity or donation/rewards based crowdfunding systems, TrustLeaf arranged and kept track of personal loans.Lesonsky, Rieva. [https://www.score.org/resources/5-ways-get-funding-years-end "5 Ways to Get Funding Before Year’s End"]. Score. Because of legal regulations, such as SEC rules and broker-dealer licensing, the website only allowed users to request loans from people with whom they have existing personal relationships, that is, friends and family. User campaigns on TrustLeaf were private, and only visible to potential lenders who receive an invitation.Lucket, Kari. [http://www.entrepreneur.com/article/235947 "3 Startups Offer New 'Microloan' Options for Entrepreneurs With Big Ambitions "]. Entrepreneur. Once the loans were arranged, Trustleaf sent out reminders when loan payments were due.
Founding
Anson Liang designed TrustLeaf after a stressful personal experience in figuring out the details of a personal loan from a friend to start a business.[http://www.smarthustle.com/article/how-5-smart-hustlers-found-money-for-their-startups/ "How 5 Smart Hustlers Found Money for their Startups"], Smarthustle.com He came up with the idea for a platform that helps set and manage expectations and payments for loans from friends and family. Anson explained the workings of TrustLeaf while being interviewed on the German television show Weltspiegel (World Mirror) in July 2014 on the topic of Asian-American Entrepreneurs in Silicon Valley.[http://www.daserste.de/information/politik-weltgeschehen/weltspiegel/sendung/br/san-francisco-asiaten-100.html "Asians Conquer the Bay Area"]. DasErste.de
Funding campaigns
On TrustLeaf, users could create a campaign page and invite their friends and family to pledge funding and sign personal loan documents. If they wished, users could calculate and track repayments. A monthly usage fee and individual transactions fees were charged to each user.Schubarth, Cromwell. [http://www.bizjournals.com/sanjose/print-edition/2014/05/30/trustleaf-a-platform-for-friends-and-family-loans.html?page=all "Trustleaf: A platform for friends-and-family loans"]. Silicon Valley Business Journal[http://www.blackenterprise.com/small-business/the-right-way-to-get-a-family-loan-to-start-your-business/ "Need a Family Loan? Here’s the Right Way to Get It"]. by Carolyn M. Brown. Black Enterprise, July 7, 2014
References
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External links
- [https://web.archive.org/web/20140406003732/http://fin-tech.org/city/silicon-valley/listing/trustleaf-friends-and-family-lending-made-easy/ Trustleaf on Fin-Tech]
- [http://fi.co/posts/7191 "And the Finalists for the 15th Founder Showcase Pitch Competition are..."]. Founder Institutle
{{Crowdfunding platforms}}
Category:Companies based in Sunnyvale, California
Category:American companies established in 2013
Category:Defunct crowdfunding platforms of the United States