The Bulgarian based crowd-lending platform BitLendingClub has announced a seed investment via Angel.co from Bulgarian VC fund LAUNCHub. BitLendingClub is seeking a total of USD $1.25 million to finance 24 months of operation on the basis that current revenue of $144 K/year will expand to an expected revenue of $4.42 mil/year in 2 years time. The investor presentation can be viewed here.

Launched earlier this year by Kiril Gantchev and Yasen Yankov, BitLendingClub has facilitated 2,200 loans worth a total of 3,500 bitcoin. As of September 2nd, 2014, the company reached a milestone of 1000 repaid loans.

BitLendingClub allows lenders to offer loans to borrowers via a dutch auction which the company believes assists lenders in receiving the best interest rate on offer. To minimise defaults, BLC works with Jumio, a mobile payments and identity verification company which validiates passports, driver licences and credit cards submitted by the borrower.

Despite attempts to reduce fraud, the BitLendingClub forum has a lengthy thread dedicated to listing known scammers. The forum also contains people looking to take a loan for the basis of building a reputation which is often later used to scam larger amounts of bitcoin from a number of people.