Australia-based Funding.com.au has reportedly secured $5m in funding to help attract more investors to its platform.
Funding.com.au operates a P2P lending website which enables individuals to either invest into or raise a mortgage loan. Individuals can make investments from as low as $5,000 on terms ranging from 1 month to 36 months. Target returns are from 6% per annum.
Individuals and businesses can use the Funding.com.au platform to raise short and medium-term loans and property finance.
The new funding round was supplied by existing backer Equity Venture Partners, which previously deployed $3.7m to the company, according to a report from Financial Review.
Proceeds from the investment will be used to quickly pay out loans to customers, before offering them to the marketplace of investors, the article states.
FinTech investment in Australasia has been steadily growing since 2016, according to data from FinTech Global. Last year, funding in the region hit a new record, with a total of $1.5bn deployed across 46 transactions.
This represented around a 1.8x increase on the amount of capital raised in 2018 and a 7x increase on 2015.
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