Peer-to-peer lending platform Assetz Capital has reportedly closed its crowdfunding campaign on £1.5m, with half of this coming from the Future Fund.
The FinTech began that crowdfunding in June 2020, with a target of £750,000, according to a report from AltFi. It was able to double this goal following the support from Future Fund, a scheme from the British Business Bank.
When initially launching the crowdfunding campaign, Assetz Capital CEO Stuart Law told AltFi, “The Future Fund won’t be around forever. You may not get any funding if you leave it too long, so that’s why we wanted to get started straight away and instead of starting from scratch with other investors, we decided to go to our existing investor base.”
The Future Fund offers investments ranging from £125,000 to £5m, with amounts supplied needing to be matched by other investors.
The FinTech claims the close of the round will help bring the momentum back into its business, which stalled during the pandemic.
Through Assetz Capital, borrowers can apply for a range of loans including commercial mortgages, residential refurbishment, SME, buy-to-let for landlords, developments and more. Investors can then contribute to a loan request that attracts their attention.
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