Just a couple weeks after launchings its Seedrs campaign, peer-to-peer finance platform Flender has secured more than £380,000 out of its £500,000 funding target.
Flender, which is authorized and regulated by the Financial Conduct Authority under Registration Number 657861, is looking to enable businesses and consumers the ability to borrow money through their existing networks of friends, family, and customers.
Sharing details about its lending platform, Flender revealed:
“Flender intends to offer established small businesses an innovative new way to access finance by leveraging their loyal customer base. In the consumer space, Flender will facilitate and formalise an existing and large market of social lending across the UK and Ireland. We aim to do this via a unique combination of bringing trust through social networks, giving all users the ability to set their own interest rates, and all via a seamless mobile user experience.”
In a recent interview, director and co-founder of Flender, Kristjan Koik, discussed what the Brexit means to the new lending platform:
“For us, Brexit is actually good news. Lending and credit will tighten and more people will be looking at alternative finance. We’ll be there to find them.”
Funds from the equity crowdfunding campaign will be used for the following:
- Key hires, including a direct sales team and in-house software developers.
- Marketing, including online targeting and above-the-line advertising.
- Product development, specifically native iOS and Android versions plus roadmap features for all channels.
Flender’s Seedrs campaign is scheduled to close in mid-January.
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