MicroPlace was an American microfinance provider that focused on retail investors. Started by Tracey Pettengill Turner in 2006, MicroPlace was bought out by eBay that same year.
Company type | Subsidiary |
---|---|
Industry | Impact Investing |
Founded | San Jose, California, USA (2006) |
Headquarters | San Jose, California , USA |
Key people | Tracey Pettengill Turner, Founder |
Website | www |
MicroPlace provided everyday investors with the ability to make investments in the microfinance industry that had the potential to earn interest.[1] This contrasts with most other services for microlenders, which generally rely on a charitable model.[2] Interest earned was typically between 1 and 3 percent.[3]
The company acted as a broker-dealer and is registered with the SEC and is a member of FINRA.
MicroPlace was founded by Tracey Pettengill Turner and was bought by eBay for an undisclosed amount in 2006.[4][5] Her hope is to expand the microfinancing industry from its current base of 100 million people to 1 billion people, with help from the middle class of affluent nations (the United States, European Union, etc.).
Ashwini Narayanan took over as the general manager of MicroPlace until 2012.[citation needed]
On January 14, 2014, MicroPlace announced that it would cease offering investments.[6]