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Peer2Peer Finance News | April 25, 2019

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Lithuanian P2P platform NEO Finance passes crowdfunding target

Lithuanian P2P platform NEO Finance passes crowdfunding target
Tim Evershed

LITHUANIAN peer-to-peer lender NEO Finance has passed its target on equity crowdfunding platform Seedrs.

NEO Finance launched its campaign in October aiming to raise €200,000 (£178,000).

It has now raised €205,730 from almost 350 investors.

NEO Finance, which was founded in 2015, claims to be one of the leading P2P lending platforms in Lithuania, facilitating consumer loans.

It offers a buyback service and has a provision fund, which it says minimises risk for investors.

Read more: A guide to European P2P platforms for UK investors

The platform has financed over €21m of loans, with over 5,000 investors and 47,000 borrowers registered on its site.

Any EU citizens can invest via the platform.

Read more: Brickowner shoots past funding target on Seedrs

NEO Finance intends to use 70 per cent of the funds raised on Seedrs for marketing and sales activities, in order to attract more borrowers.

The remaining funds will be used for IT development as it adds functionality to the platform.

Read more: Abundance set for Seedrs fundraising round