By Lisa Walls-Hester on Thursday 19 January 2017
iBAN, the lending platform, launched its first seed investment round seeking £100,000 to develop its money management and Crowdlending app, iBAN Wallet.
The app will connect lenders and borrowers directly, helping them to control their finances and transfer money while on the go. Through the app, users will have a modern money management tool, integrated with gamification and risk management.
The campaign is currently running on Seedrs
iBAN claims to be the first lending company in the world to combine Crowdlending on a global scale with a Guarantee Fund to protect investors' money.
iBAN bases its Guarantee Fund on past market performance and the average default rate of the loans it furnished to ensure that it always has enough money on hand to cover the cases where a debtor cannot repay the loan amount.
iBAN CEO, Daniel Suero Alonso, said “By operating across two continents, Latin America and Europe, we have identified a large gap in the market that provides money to those that really need it, and market-beating returns to those looking to lend”.
Currently, iBAN Wallet has been launched in the United Kingdom, Colombia, and Spain, and the company is planning to roll out the product in Germany, France, Argentina and Mexico in 2017.