eMoneyUnion Now Overfunding on Crowdcube

P2P Lending Platform eMoneyUnion Raises £300,000 in Crowdfunding Round.

eMoneyUnion successfully raised £300,000 on equity crowdfunding site Crowdcube and entered into “overfunding” mode.  The target was hit earlier today as 103 investors came together to finance this new company.  The largest single investment was for £55,050.  The amount funded represents 15% equity in the company and is EIS and SEIS qualified.

eMoneyUnion is a peer-to-peer lending company that will provide personal loans to consumers who have been excluded from traditional, mainstream methods of financing.  Loans will be made for items such as home improvements and autos.

The company recently made the announcement of adding new board member, David Newns who invested in the company.

Lee Birkett, CEO and founder of eMoneyUnion stated;

“The eMoneyUnion equity crowdfunding process has gone better than we could have ever imagined. Not only are we on track to sail pass the £300,000 target from the crowd plus additional funding from Instiutional Investors, but we have managed to secure David’s valuable time and personal investment.  David’s track record speaks for itself with a proven high multiple exit to a FTSE 100 company and in-depth Investment Management experience”

Funding for eMoneyUnion also came from other P2P companies including FundingCircle, Zopa and P2P comparison site P2PMoney.

@P2PmoneyUK @FundingCircle @RateSetter @Zopa @MartinSLewis @eMoneyUnion own a piece of the #P2P pie x http://t.co/eejoCABm1V

— Lee Birkett (@eMoneyGroup) February 17, 2014

The UK based company has positioned their platform as a “People to People lending platform”.  They want to provide financing for individuals with little savings and accept people with low credit scores.  Loans on the platform range from £1000 up to £10,000.  Annual interest rates for borrowers presently range from 10% to 60% contingent upon individual credit scores.