WELENDUS has launched a new crowdfunding round on Seedrs to raise £850,000.
The peer-to-peer short-term loans platform has already raised 95 per cent of the target privately and now has made its listing public.
The latest listing shows the lender has more than 18,000 users and has issued more than 900 loans.
“The short-term credit market is let down by many existing players,” Welendus said.
“Welendus is disrupting this let down market by offering short-term borrowers affordable, ethical and competitive short-term loans. Welendus will operate as a P2P lender, meaning borrowers will be borrowing directly from other individuals.”
The funds raised from the latest round will go towards recruitment, marketing, technology and more intellectual property applications.
It has already 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.
The platform, which received authorisation from the Financial Conduct Authority in October 2017, wants to shake up the payday lending market by offering more reasonable interest rates.