Short-term peer-to-peer lending platform Welendus has launched a new equity crowdfunding campaign on Seedrs. The online lender is now seeking £150,000 as it prepares to expand. This campaign launch comes less than a year after Welendus raised £117,580 on Seedrs.
Welendus, which was founded in 2015, aims to re-define the short-term lending market by introducing a peer-to-peer short-term lending platform and to help customers in short-term financial needs borrow directly from others at a much cheaper rate without any hidden costs or charges.
“We believe that short-term borrowers in the UK do not get good service from their lenders. This, along with bad practice in the sector and widespread customer mistreatment, has led to a market decline since the peak in 2012. However, more and more people are actually in need of short-term loans.”
Founder of Welendus, Nadeem Siam, previously stated:
“Welendus aims to shake up the short-term lending market by introducing the first peer-to-peer short-term lending platform. So for the first time, short-term finance will be from the people to the people, at a much cheaper rate with no hidden costs or charges. This is not to mention the ease of use, simplicity and the flexibility that Welendus will offer. Our innovative approach will allow Welendus to use big data to finally make affordable short-term loans a reality.”
Prior to launching its campaign earlier this year, Welendus joined European accelerator Level39. Most recently, the lender secured its full Financial Conduct Authority (FCA) Approval. The latest campaign will close at the beginning of 2018.
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