Flender secures £500,000 on Seedrs

Social peer-to-peer (P2P) lending platform Flender has secured more than £500,000 in a equity crowdfunding campaign on Seedrs.

The company reach its target in five weeks, offering up a 10.1% stake in the firm.

Based in Dublin, it says the round is the second-biggest crowdfunding round raised by an Irish business.

Launching in Ireland and the UK this month, Flender’s mobile platform is designed to allow borrowers and lenders to leverage their own social circles and professional networks.

The company aims to capture the alternative friends and family lending market as well as the business and consumer lending market cross the British Isles.

The market is reportedly valued at £2.5bn annually and Flender aims to formalise and automate it.

The platform also integrates with the company’s partners to carry out credit checking, payment processing and loan management.

Flender’s Seedrs campaign attracted 20 investors from five countries in its first day, putting in an average of €20,000 each.

Copyright © 2017 FINTECH GLOBAL

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