Welendus, the new payday peer-to-peer lender with an ambition to shake up the short-term lending market, has launched an equity crowdfunding round on Seedrs.
The company is seeking £300,000 for eight per cent equity. The new capital will be used for new hires, marketing, technology and initial funding for a guarantee account.
The company has so far funded over £62,000.
Welendus plans to launch its platform in the first quarter of 2017 and says it will help people with short-term financial needs borrow directly from other people at a much cheaper rate with no hidden costs or charges.
It will offer short-term, unsecured consumer loans. Borrowers will get flexible terms with no penalty fees. Loans will range from £50 to £500, with a maturity of one to three months. The firm's most obvious competition comes in the form of The Money Platform, which recently launched with a not dissimilar model.
Investors will be able to lend a minimum of £10 through the site and expect returns of up to 15 per cent.
Details of the raise can be found here.
Insurance AI & Analytics USA (June 27-28, Chicago) is the only forum bridging the gap between the analytical and data minds and the business transformation leaders. As carriers rush to meet customer demands and deliver continuous business growth without dramatically increasing costs, deploying innovative technologies such as AI, machine learning and advanced analytics can be the only way to remain competitive. But in order to deliver real value to the organization, these innovations must have a real application in the core business areas and directly improve operational efficiency and deliver a seamless customer experience