Landbay raises more than £2.4m on Seedrs
LANDBAY has raised more than £2.4m in its latest funding round on Seedrs, to support its expansion plans.
The peer-to-peer lender, which specialises in buy-to-let mortgages, raised £2,440,266, comfortably exceeding its target of £1.5m.
The London-headquartered firm has raised around £7m on the crowdfunding platform so far.
“This was a bridge round funded by existing investors,” said Gray Stern (pictured left), co-founder and chief commercial officer at Landbay.
“The funds will enable us to continue to expand our operational capacity as we ramp up lending, as well as launch new mortgage and investment products.”
This is the third fundraising round on Seedrs for Landbay.
The money raised in 2013 went towards technology development, marketing and a permanent office space.
The 2016 round focused on technology, brand development and general operating expenses.
Landbay has secured a number of new partnerships in recent months to expand its customer base and offerings. In June, it launched an accounting service for landlords and in July, it teamed up with Legal & General to offer insurance to its borrowers.
The Peer-to-Peer Finance Association member launched its Innovative Finance ISA in February this year. Last month it said that investors are placing double the amount in the tax-free wrapper than in Landbay’s regular accounts.