On Tuesday, iBAN completed its equity crowdfunding campaign on Seedrs with over £110,00 in funds. The online lender was founded last year and launched the initiative in early January with a mission to raise £100,000 for its new crowdlending app, iBAN Wallet.
According to the London-based lender, all of the loans on the platform are 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 iBAN Wallet app, users will have a modern money management tool, integrated with gamification, and risk management.
While sharing other details about its iBAN Wallet, the platform revealed:
“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 added 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.
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