Welendus looks to raise up to £850k in its latest crowdfunding campaign

P2P short-term lender Welendus is looking to raise £850,000 through another crowdfunding campaign.

The company has raised up to £723,867 in its follow-on crowdfunding campaign, which is being completed through the Seedrs platform. There have been 198 investors to commit to the round, at the time of writing.

There is 12.37 per cent of Welendus’ equity being offered through the sale. A pre-money valuation of Welendus has been put at $6m.

Last year, the company raised £208,898 through a crowdfunding campaign through the sale of 3.13 per cent of its equity. The previous campaign raised £58,000 more than its initial goal, and was raised at a pre-money valuation of $4.6m.

UK-based Welendus is P2P short-term loan provider for individuals, at a cheaper rate and with no hidden fees. The company aims to improve financial inclusion by connecting people who need to raise capital directly to others who are looking to lend.

A consumer can start investing into loans from a minimum of £100 and earn between 5 per cent and 15 per cent per annum. Borrowers can apply for loans between £50 and £500 for a repayment term of up to 12 months.

The platform is authorised by the FCA and was part of accelerator programmes at Microsoft and Level 39.

Earlier in the month, fellow UK-based P2P lending Zopa raised £44m through a funding round which will be used to launch new financial products. The company offers consumers loans and investment opportunities. Borrowers can access a digital loan of up to £25,000, on a repayment term of as long as five years.

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