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Welendus launches equity crowdfunding campaign




By Lisa Walls-Hester on 23rd January 2017


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.

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