Less than a week after launching its latest equity crowdfunding campaign on Seedrs, short-term peer-to-peer lending platform Welendus has successfully secured its initial 150,000 funding target from more than 100 investors.
As previously reported, Welendus was founded in 2015 and 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. The online lender stated:
“We believe that short-term borrowers in the UK do not get good and fair 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, stated during Welendus’ campaign in January:
“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.”
All funds from the latest Seedrs round will go towards the continued growth of the lender’s platform. The funding round is set to close later this fall.
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