Online lending platform, iBAN, has successfully secured its initial £100,000 funding target through Seedrs. The lender, which was founded last year, launched the initiative in early January, seeking to raise funds for its new crowdlending app, iBAN Wallet.
As previously reported, the London-based company stated its team focuses on lending well while making credit decisions based on significant due diligence for each and every loan. All of the platform’s loans are notably protected by a contract allowing us to resell the secured property in the event of a non-payment, and it never automates the final decision on whether to lend or not. The lender also explained that the app would connect lenders and borrowers directly, helping them to control their finances and transfer money while on the go. Through the app, iBAN users will have a modern money management tool, integrated with gamification, and risk management.
“iBAN Wallet will be an app that helps you control your finances, allows you to transfer money to your friends, and creates an interaction between borrower and lender, taking money management, investment and borrowing to a completely new level. Through the app, users will have a modern money management tool, integrated with gamification and risk management.”
iBAN also noted that the app would feature a live updating investor’s marketplace where lenders can train their keen eye through loan requests in the search for a smart investment.
“The borrower will be able to specify certain variables of their contract, attracting investors with better terms than the competition.”
iBAN’s crowdfunding campaign is set to close soon.
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