Squirrel Group, an alternative finance platform consisting of Squirrel Money, Squirrel Mortgages, Squirrel Money Services and TenanSee is now open to the general public on Snowball Effect. As Crowdfund Insider reported previously, Squirrel Group is seeking a sizeable equity crowdfunding round of $4.97 million. Last month when the offer opened on Snowball Effect, John Bolton, Squirrel CEO stated there had been $4 million of pre-registered interest from their customer base who are likely to fill the $2 million available through the retail side of the offer.
In a correspondence with users, Snowball stated that $2.2 million has been raised by wholesale investors, directors and existing customers. Retail investors now have access to $1.3 in equity. Management expects this funding round to be its last prior to an IPO.
Squirrel Mortgages is one of the largest mortgage brokers in New Zealand with expectations for the platform to facilitate $1 billion in mortgages for the fiscal year ending in March of 2017. Squirrel Money is the peer to peer lending play. Only recently launched (November 2015), the peer to peer lender has originated $1.7 million in loans.
The current equity crowdfunding offer on Snowball Effect should be the largest ever in New Zealand.
If the round hits the full subscription, investors will be purchasing 17.9% ownership in the company with a pre-money valuation of $22.9 million. Squirrel Group states that banking is the most profitable industry in New Zealand. Their company seeks to capture a growing portion of the finance industry in the country.
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