The structure of Money&Co is not dissimilar to that of Funding Circle. The platform will provide growing businesses with affordable loans, whilst offering attractive returns to investors. The platform will seek to distinguish itself through the rapidity of its fundraising process. Auctions on Money&Co will begin roughly 72 hours after the initial application is made, and will last for a maximum of two weeks.
Nicola Horlick, CEO of the new platform, commented on the launch:
“Crowdfunding is growing very quickly and Money&Co. provides a great opportunity to offer both businesses and investors something they aren’t getting right now: accessible finance at attractive interest rates.
“Access to finance continues to stifle growth. Small and medium-sized businesses, in particular, struggle to get their hands on much-needed funding.
“With Money&Co. I want to open up the alternative finance sector so that more people and businesses can bypass the banks.”
Every business listed on the platform will have an individual credit rating assigned to it by a dedicated team of experts. Lenders can lean on a number of search criteria whilst tracking down the right business to invest in – including location, sector, risk assessment and credit rating.
Horlick is one of Britain’s best-known City investors – boasting over 30 years of experience within financial services and having held senior positions at a number of high profile fund managers. We’ll see whether she can steer Money&Co to prominence within the already crowded p2p space.