UK-based marketplace lending platform Landbay has raised ?2.4m from a crowdfund on Seedrs.
The company was initially looking to raise around ?1.5m, with an equity offering of 7.59 per cent. Prior to the latest funding, Landbay had a valuation of around ?18m.
Landbay is a UK residential mortgage p2p investing and borrowing platform. Through Landbay, users are able to apply for a buy-to-let mortgage, getting a decision within 48 hours, with simple fee structures, low interest rates.
Investors can choose to back loans applied for on the platform, with an expected return of 3.75 per cent. A minimum investment requirement is ?100, but there are no investment fees and there is an automatic diversification. The borrower makes monthly payments, with this being distributed to the various lenders.
With this capital, the company is looking to fund its technology, marketing and branding development, as well as for operating expenses. The round will help Landbay to build its mortgage origination capability and distribution technology.
The company has had eight crowdfund raises on the Seddrs platform. Including the latest funding, total capital raised by Landbay has reached up to ?254m, with the company picking up a ?250m debt financing in 2015.
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