Flender, a peer-to-peer finance platform that integrates social networks for trust-based lending, launched a Seedrs campaign this week. The website, which is authorized and regulated by the Financial Conduct Authority under Registration Number 657861, is seeking £500,000 and is offering 10% in equity.
The platform stated it would enable businesses and consumers the ability to borrow money through their existing networks of friends, family, and customers. It intends to do this by offering the following:
- Trust through social network connections.
- Ability for both borrowers and lenders to choose their own interest rates.
- Seamless mobile user experience.
- Both for consumer and business lending.
“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.”
The platform also noted it is not a traditional P2P platform with an anonymous marketplace and instead believes it will help businesses create lasting bonds with customers and consumers will reach their existing networks. Funds from the campaign will be used for:
- 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.
Since its launch, the campaign has successfully raised nearly £350,000 from 20 investors. It is set to close at the end of January.
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