ASSET-BACKED lender Ablrate has launched a crowdfunding campaign to raise £350,000.
The Crowdcube campaign offers investors equity of 1.3 per cent and values the peer-to-peer lender at £26m.
The funds will be used to help build Ablrate’s blockchain powered secondary market portal and its broker platform.
“Ablrate is now ready to expand loan origination with the launch of its broker platform that will allow in-house regional teams to create deals on the platform managed and approved by head office,” the Crowdcube pitch said.
“Ablrate is also working to be the first platform integrated with a new system that aims to connect P2P platforms and loan originators worldwide utilising blockchain technology.
“This will also include the launch of our white label partners in Australia, the UK and the launch of a new platform in Singapore where we have the opportunity to acquire a company with a local license, subject to agreement on terms.”
Read more: Ablrate takes equity stake in Huddle
David Bradley-Ward, chief excecutive of Ablrate, said he was keen for others to share in the platform’s growth.
“From the beginning we have aimed to provide fair returns for the risk being taken by our lenders,” he said.
“That should be no different for our shareholders.
“We have seen many companies of an equivalent size or smaller than us raising millions at large valuations, before they have even proven they can make sustainable revenues, that would be against our very ethos.
“When you throw in that our revenue is higher and we are profitable, we decided it was time to open up our shares to the public to join us on the next phase of our journey.”