Assetz Capital, a secured peer to peer lender operating in the UK, recently launched a securities offer on Seedrs. Assetz Capital claims to be the second-largest peer to peer business lender in the UK.
In about a week, Assetz Capital raised its £500,000 minimum target and now it is seeking to garner matching funds from the UK Future Fund Scheme, part of the COVID-19 support programs.
According to the offering page, Assetz Capital has received the backing of 471 individual investors who are receiving a convertible note at a 20% discount. Assetz Capital anticipates a total raise of £1 million on Seedrs with the Future Fund match bringing the total to £2 million. The offering is live for several more weeks.
The government’s Future Fund enables innovative and high-growth British businesses to apply for a convertible loan of between £125,000 and £5 million, which is matched against private investment. The convertible loan is expected to convert into an equity investment in the company within 36 months.
Assetz Capital is an accredited lender under the government’s Coronavirus Business Interruption Loan Scheme (CBILS). Earlier this year, Assetz Capital reported topping £1 billion in lifetime loan originations.
Stuart Law, CEO at Assetz Capital, commented on hitting the minimum hurdle:
“We are again delighted by the response from our investors to this fourth funding round through Seedrs. We would also be proud to bring the UK Government into our shareholder base through the Future Fund. This funding round, in the middle of the pandemic, is another endorsement of both our model and our approach during an incredibly difficult economic period for many businesses. We look forward to commencing CBILS lending as soon as possible this month to support UK business and housebuilders.”
Following clarification on the Future Fund rules, Seedrs moved quickly to leverage its services to help raise capital for a handful of UK businesses. Earlier this month, CI reported that nine issuers had taken to the pages of Seedrs to pursue funding under the scheme.
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