Just a few months after joining European accelerator Level39, short-term peer-to-peer lending platform Welendus has launched an equity crowdfunding campaign on Seedrs. The online lender is seeking £300,000.
Founded in 2015, Welendus states it aims to re-define the short-term lending market by introducing a peer-to-peer short-term lending platform and to help customers in short-term financial needs borrow directly from others at a much cheaper rate without any hidden costs or charges.
“We believe that short-term borrowers in the UK do not get good service from their lenders. This, along with bad practice in the sector and widespread customer mistreatment, has led to a market decline since the peak in 2012. However, more and more people are actually in need of short-term loans.”
Founder of Welendus, Nadeem Siam, explained in the fall:
“Welendus aims to shake up the short-term lending market by introducing the first peer-to-peer short-term lending platform. So for the first time, short-term finance will be from the people to the people, at a much cheaper rate with no hidden costs or charges. This is not to mention the ease of use, simplicity and the flexibility that Welendus will offer. Our innovative approach will allow Welendus to use big data to finally make affordable short-term loans a reality.”
Welendus noted it would offer ethical, affordable and flexible short-term loans through a clear, simple, easy to use the platform to provide short-term borrowers with the good service they deserve. Siam also revealed during a recent interview that the online lender is now aiming to soft-launch during the first quarter of 2017. Welendus is now offering 8.02% in equity to those who invest through the equity crowdfunding campaign.
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