Elfin Market, which is building a peer-to-peer lending credit card, has surpassed its initial crowdfunding target.
The FinTech is currently raising funds on the Seedrs platform and has pulled in up to £496,103, storming past the original £400,000 goal for the crowdfund.
There have been 318 investors to take part in the round so far.
Elfin Market is raising the funds at a £6.5m pre-money valuation and it has sold 5.8% of its equity through the fundraise.
Headquartered in the UK, the FinTech is looking to evolve the credit card market by incorporating peer-to-peer lending. It works like a normal credit card, where a cardholder has a limit and can withdraw the funds and make repayments whenever. However, instead of going through a bank, the funds are given by an investor.
Lenders all put their money into Elfin Purses and can earn interest on any withdrawal borrowers make. The platform automatically diversifies portfolios for investors and investments can be monitored in real-time.
Copyright © 2020 FinTech Global
