WELENDUS is planning a rebrand in the coming weeks that its founder hopes will make the short-term peer-to-peer lender more empowering.
Nadeem Siam (pictured), founder of the platform which launched just last year, said the rebrand would include a new name, a more user-friendly website and new products.
Siam said the name was being kept under wraps for now as it still requires the necessary regulatory approvals but explained that the change is due to confusion over the meaning of Welendus.
“It is a made-up word,” he told Peer2Peer Finance News.
“Our new name will be clearer on what we do and easier to understand.
“It is all about giving finance back to the people and giving power back to the user.”
Siam, a former NASA engineer, said the platform was now funding £300,000 of loans per month from 10,000 users.
Its total loanbook is currently at £2.4m.
Welendus launched its first product in March 2018, offering borrowers an interest-free loan if the debt is repaid in one day.
Individuals can borrow up to £500 using the new facility, which is aimed at those faced with unexpected or emergency bills, Welendus said.
The borrower does not have to pay any interest if they pay the loan back within 24 hours.
There are no early repayment fees and borrowers can get a decision within five minutes.
Investors will receive returns ranging between five and 15 per cent to fund the loans.
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