ABLRATE’S crowdfunding campaign has surpassed its target with more than a week to go.
The asset-backed peer-to-peer lender launched a £350,000 fundraise on Crowdcube last month and is now overfunded, having raised £452,440 from 160 investors as of 25 February.
The proceeds from the funding round will primarily be used to increase loan origination. Ablrate also plans to hire new marketing staff and invest in automated marketing technology and CRM systems, as well as introducing a new underwriter program that will assist with loan origination.
The platform also intends to expand its blockchain-based ASMX software, which will connect lending communities and create an international secondary market for private corporate debt accessible by an international pool of lenders.
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“Our goal is to provide more diversification for lenders, maintain our returns and provide best-in-class technology,” David Bradley-Ward, chief executive of Ablrate, told Peer2Peer Finance News.
“We have been working to this point to create procedures and process that would allow us to replicate our current success at scale. 2019 is the year we aim to do this.
“We are in the fortunate position of being profitable, so the funds raised on Crowdcube will be able to be utilised directly into those area where we need to concentrate.
“We will be able to accelerate our 12 month roll-out plan and begin the scaling process but the overriding plan is to maintain returns for lenders and give them a better experience over all.”