Decimal Factor has topped its £850,000 crowdfunding goal on Seedrs. The Fintech is offering a 4.76% equity stake at a pre-money valuation of £17 million and has now inched into over-funding mode. So far, 88 investors have backed the firm representing an average investment of £9762.
Decimal Factor is an online lender that offers a portfolio of credit products. The Fintech provides cash advances, secured and unsecured loans, pension led funding, bridge finance, invoice finance as well as Shariah-compliant funding options.
Additionally, Decimal Factor provides a secure payment service for its customers.
Decimal Factor is also operating in the US offering payments as well as credit offerings. The company also has offices in India, Singapore and Mexico.
On the Seedrs offering page, Decimal Factor poses the question as to “why can’t an entrepreneur simply press a button and obtain funding to grow their business? Why can’t Fintech deliver a daily package of services to the business owner so that they know exactly how much capital is available to invest in the business?”
Of course, if the company has access to payment data it makes it a bit easier to make a credit decision.
Founded by entrepreneur Manoj Karkhanis in 2008, recently Daniel Stanton was appointed as Decimal Factor’s new Managing Director. Stanton previously worked at Funding Circle so he should have a good understanding of the UK credit markets. Stanton’s goal is to:
“… turn Decimal Factor into one of the largest, most efficient brokerages in the UK, with an emphasis on doing things right, be it from compliance, KYC checks, or automated and digitised processes.”
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