Landbay, an online finance platform for buy to let mortgages, has recently launched another securities offering on Seedrs in a follow on round. Last year, Landbay raised £2.2 million from 214 investors at a valuation of £40 million. Currently, Landbay has raised £5.48 million backed by 237 investors at a valuation of £50.3 million.
Once a peer to peer lending platform, Landbay made the leap to only using institutional money only in December of 2019. Landbay has become another prominent entrant in the P2P sector that decided big money was easier to manage than many smaller investors.
The company says it now has the mortgage funding, technology, and capacity to take a greater share of the £250 billion UK BTL market. Since launch, Landbay has originated over £600 million in loans.
A recent blog post indicates that Landbay’s strategy is to attract more funders to their site. As of November, Landbay said they have three different streams of funding loans during the last twelve months. Landbay’s funders now include an investment bank, a deposit-taking bank, and an international asset manager.
Last month as well, Landbay said they had increased their max loan size to £2 million. Borrowers can expect a decision on a loan in under two days.
Landbay is a repeat user of the Seedrs platform having returned to the platform for funding multiple times indicating that online capital formation must be working for the Fintech.
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