With less than a week until its Seedrs campaign comes to an end, P2P lending platform Flender has secured 98% of its £500,000 funding target (more than £485,000) from 225 investors. As previously reported, Flender is authorized and regulated by the Financial Conduct Authority under Registration Number 657861. The online lender is now looking to 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:
- Offer trust through social network connections.
- Establish ability for both borrowers and lenders to choose their own interest rates.
- Offer seamless mobile user experience.
- Offer consumer and business lending.
The platform also stated:
“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.”
Funds from the equity crowdfunding 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. Flender’s Seedrs initiative is currently scheduled to close next Tuesday (January 17th).
Have a crowdfunding offering you'd like to share? Submit an offering for consideration using our Submit a Tip form and we may share it on our site!