P2P lending platform LendingCrowd has secured £2m in funding led by angel syndicate Equity Gap.
The angel group included investors Scottish entrepreneurs, and the Scottish Investment Bank.
Scotland-headquartered LendingCrowd is a P2P lending platform that helps UK-based SMBs to access loans between £5,000 and £500,000, which are supported via investors on the platform. The company has more than 4,500 investors signed up to the app which can each earn an estimated 8.1 per cent return, according to the company.
Users can also take out ISA’s with three options to choose between: the passive Growth ISA and Income ISA, and the active Self-Select ISA.
Last year, the company helped the deployment of a combined total of £16m to SMEs across Britain. LendingCrowd CEO Stuart Lunn is hoping to more than double this to around £40m FOR 2018. Some of the new clients include spirits brand Summerhall Distillery, restaurant chain Tony Macaroni and property lettings agency Umega Lettings.
This capital injection will be used to bolster the sales and marketing activities, and the company is looking to raise a Series A round over the next year.
Equity Gap’s Jock Millican said, “We are extremely pleased that our syndicate members once again backed LendingCrowd, with this raise being the largest single investment by Equity Gap to date. Existing and new investors in LendingCrowd recognise the progress to date and the potential for the business to scale.”
Earlier in the month, P2P lending and borrowing platform Celsius closed its ICO on the $50m hardcap. The company provides users with a crypto wallet which can be used to hold a selection of digital tokens, users can take out cash loans against the coins.
Copyright © 2018 FinTech Global