P2P lending platform Flender has officially closed its successful equity crowdfunding campaign on Seedrs. Originally seeking £500,000, the initiative secured a total of £501,700 from more than 230 investors.
As previously reported, Flender is authorized and regulated by the Financial Conduct Authority under Registration Number 657861. The online lender is currently looking to enable businesses and consumers the ability to borrow money through their existing networks of friends, family, and customers. The platform noted:
“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.”
Flender stated it does not consider itself a traditional P2P platform with an anonymous marketplace. Instead, its team believes that it will help businesses create lasting bonds with customers, and for consumers to reach through their existing networks and be part of each other’s success. And at the same time, underpinned with legal contracts created by the platform between borrowers and lenders.
Funds from Flender’s Seedrs campaign will go towards 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.
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