PEER-TO-PEER lender Huddle Capital has upgraded its software using a white label product from Ablrate, ahead of its integration with blockchain-powered secondary market ASMX.
Asset-backed P2P platform Ablrate has been working with ASMX on the new blockchain venture, which will enable investors to trade P2P loans from different platforms.
Ablrate is set to be the first P2P lender on the ASMX platform and now that Huddle has been upgraded, it will be able to launch on ASMX as well, said David Bradley-Ward, chief executive of Ablrate.
Ablrate took an equity stake in Huddle last year, as part of a wider strategic partnership between the two platforms.
“Our continuous mission with our software is to develop its speed, functionality and usability for lenders and those updates are applied to our white label partners,” said David Bradley-Ward, chief executive of Ablrate.
The software upgrade mean that Huddle’s customers have access to a new interface, including a portfolio loan function and a wider administrative and tax reporting system. The platform is now in the cloud, which makes it quicker and more easily scalable.
“We are excited to get the updates from Ablrate which will allow us to better serve our customers,” said Neil Scaife, marketing director at Huddle Capital.
“We are looking to scale the business and this latest addition allows us to gear up origination and prepare for the launch of ASMX.”
Ablrate has embarked on a fundraising campaign on equity crowdfunding platform Crowdcube, with a minimum target of £350,000. It has already raised £156,000 from private investors and is set to open up the campaign to the wider public on Friday.
The latest funding round will be used to increase loan origination, hire new marketing staff and invest in new technology.