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Peer2Peer Finance News | September 20, 2018

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Welendus exceeds Seedrs fundraising target

Welendus exceeds Seedrs fundraising target
Suzie Neuwirth

WELENDUS, the peer-to-peer payday loan provider, has announced that its latest crowdfunding round on Seedrs has reached over 130 per cent of its target.

The firm had been seeking £150,000 but has already raised £197,991, according to Seedrs’ website.

Welendus said on Thursday that the funding round had attracted more than 250 investors.

“Now that we exceeded our target, we will be accepting all overfunding before we close our Seedrs round tomorrow,” it said.

Nadeem Siam, founder and chief executive of Welendus, told Peer2Peer Finance News last month that the money raised would be used for marketing and increasing the team, with a launch expected “imminently.”

The lender previously raised £100,000 from investors during a Seedrs fundraise in March.

The platform, which received authorisation from the Financial Conduct Authority in October, wants to shake up the payday lending market by offering more reasonable interest rates.