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Peer2Peer Finance News | November 16, 2018

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Welendus launches beta platform for investors

Welendus launches beta platform for investors
Suzie Neuwirth

WELENDUS, the peer-to-peer payday lender, has launched a beta version of its platform for investors after its latest funding round exceeded its target in under 24 hours.

The fully-authorised platform, which aims to re-define the short-term lending market with cheaper rates and no hidden costs, is now inviting investors to create an account.

“In order to control the lending activities during the beta stage, we have created an invite only token based system,” it said in an email to investors on Saturday. “After creating an account, we will email you your unique access token to start adding investments from early next week.”

However, it is not accepting any loan applications yet as it has not raised enough capital.

“We will start accepting borrowers as soon as we raise sufficient lending capital to operate the lending activities efficiency,” it said.

As Peer2Peer Finance News previously reported, Welendus launched a new equity crowdfunding round on Seedrs at the end of last month to raise an additional £150,000, which has now raised £188,141.

It previously raised £100,000 via Seedrs in March this year.

Nadeem Siam, founder and chief executive of Welendus, said that the latest money raised would be used for marketing and increasing the team.

In June, Welendus trademarked the terms ‘AutoMatch’ and ‘AutoDiversify’ for use on its platform.

AutoMatch will be used to describe the process of automatically deploying investors’ funds, while the AutoDiversify feature will be used to spread investors’ money across a variety of loans.