Welendus (PTP Funding Limited), a peer to peer lending platform, has received an investment from the Unicorn Ascension Fund (UAF) for an undisclosed amount. The investment was said to be used for future expansion into India. Other early-stage investors in the company include Pontaq, a venture fund focusing on cross-border technology transfer between the UK and India
Welendus is a short term peer to peer lending authorized and regulated by the Financial Conduct Authority. Borrowers on the platform can choose to borrow money starting from £50 and up to £500 with instant decision and same day funding.
This is UAF’s third deal since its launch in the summer of 2018.
Nadeem Siam, co-founder & CEO of Welendus said it is great to have Unicorn Accession Fund on-board.
“UAF’s investment marks the closing of our last Seed investing round, positioning us for rapid growth. This is a very exciting stage for the business and we are looking forward to making the most of UAF’s expertise.”
Bhaskar Majumdar, Managing Partner, Unicorn Ascension Fund said that the UK is home to many innovative Fintech firms. This is their third investment since launching thair UK-India EIS Fund.
EIS, or Enterprise Investment Scheme, is a tax exemption that allows investors the ability to deduct certain amounts of the investment thus reducing risk while boosting investment in innovative firms.
UAF said that Welendus has seen significant growth since its beta launch in January 2018.
“The fact that Welendus is regulated by the FCA from day one and has seen over £1.5 million being issued via its platform in 2018 bodes well for the product. Furthermore, the alternative lending sector has significant relevance in India as more than half the population is unbanked and banks are not able to cater to the debt needs of all small businesses and individuals. The company has also thought through their go-to-market strategy for the Indian market,” said Majumdar.