Just a couple weeks after launching its latest equity crowdfunding campaign on Seedrs, short-term peer-to-peer lending platform Welendus has now secured nearly 1 million from more than 400 investors. As previously reported, Welendus was founded in 2015 with a mission to redefine the short-term lending market by launching a peer-to-peer short-term lending platform to help customers with short-term financial needs.
“We believe that short-term borrowers in the UK are underserved and do not get a good and fair service from lenders, whether it’s a payday loan, a short-term loan or an unarranged banking overdraft. Compellingly short term borrowing is at an all time high. This, alongside the bad practice in the sector and widespread customer mistreatment, has led to a huge need for change.”
The lender’s platform features the following:
- Lower cost short-term loan APR starting from 205%, in comparison with up to 1,294% from current payday lenders
- No hidden costs or charges and no penalty fees
- Transparent, effective and friendly service
- No banking fees
- No early repayment fees
Welendus is also fully authorized by the FCA and claims it is helping financial inclusion while funneling the short-term lending returns back to the society. Funds from the latest Seedrs round will be used for the following:
- Talent: Adding new operational team members.
- Marketing: online targeted marketing together with referrals and virality.
- Technology: Continued development to add new functionalities to stay ahead of the game.
- Services and IP: More IP applications as well as other services.
The campaign is currently set to close later this fall.
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