By Aisling Finn on Friday 7 February 2020
The campaign attracted more than 250 individual investors.
London-based peer-to-peer lending platform Elfin Market has gone into overfunding after reaching its £400,000 target in just over 24 hours.
It was founded in August 2016 by Lakshithe Wagalath and Mansour Bouaziz who have combined industry experience and technical know-how to bring the Elfin Purse, an alternative line of credit, to market.
Their crowdfunding effort was launched on Seedrs on 30 January and is nearing £500,000 raised in the most recent round of funding.
As a peer-to-peer lender, Elfin Market connects borrowers to lenders without expensive intermediaries.
The startup claims to have no hidden fees and is offering 5.8 per cent representative APR on its flexible credit, making it cheaper than 75 per cent of credit cards.
The application process takes no more than five minutes and the interest rate and credit limit is dependant on the borrower’s credit score and financial circumstances.
Wagalath and Bouaziz received authorisation from the FCA to begin its operations and opened to borrowers in September 2019 and lenders in November of the same year.
Bouaziz, co-founder and CEO, said: “Elfin Market wants to disrupt the credit card market and offer a fair and affordable alternative to ‘traditional’ credit cards.”
Following the success of their crowdfunding effort and the Elfin Purse, the team hope to bring their physical credit card to market in Spring 2020.