Fagura, an Eastern Europe peer-to-peer (P2P) lending platform, has quickly secured its initial €200,000 funding target through its equity crowdfunding campaign on Seedrs. The funding round, which recently made its debut, has already attracted nearly 175 Seedrs investors so far.
Founded in 2018, Figure states it is a lending platform that is aiming to become a digital bank.
“In the long term, Fagura will be a digital bank where people can manage online their entire financial life. In the short term, we will develop a marketplace based on p2p lending technology, where people looking for loans at a lower interest rate than the financial market, meet with investors interested in more consistent returns than bank deposits. We will gradually add new financial services in the future for Fagura to become an online bank with scaling potential and ready to be launched in new markets.”
The Fagura team revealed that they have tested and validated its platform in a small market (Republic of Moldova), a sandbox environment, and are now crowdfunding to expand and launch the first p2p lending platform in the Romanian market (for borrowers) and all European countries (for investors).
“We intermediate p2p loans for individuals and our plan is to do the same for startups and SMEs.”
Fagura further explained The business model it has embraced is commission-based. The platform takes 3% from borrowers and 2% from investors. The company added:
“After the launch of Scoring4Business, we will open the service to other financial institutions in the market, so that banks and other lending companies can use technology and facilitate access to finance to increase profitability and fulfill our mission.”
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