THE House Crowd has surpassed its crowdfunding target with just under a week to go until its fundraising campaign closes.
The peer-to-peer property lending platform launched a £500,000 crowdfunding campaign on Seedrs in September and has raised £636,000 as of Monday 4 November.
It is still below the £1m the platform previously said its investors had pledged to provide.
“We are delighted to announce that we are now overfunding at 125 per cent of our initial target of £500,000,” Frazer Fearnhead (pictured), founder of The House Crowd, said.
“We are raising funds to accelerate company growth, brand awareness, facilitate exciting business opportunities and tap into three new exciting markets.
“We believe this is an exciting opportunity to own a piece of The House Crowd just as the P2P lending market goes mainstream.”
The House Crowd’s new markets include its millennial brand Money Mog, its Innovative Finance ISA product and its self invested personal pension offering (SIPP) that was launched last week.
The House Crowd has partnered with specialist pension provider Morgan-Lloyd to provide regulated administration of SIPP investors and their investments.
There is no minimum investment, but fees will be charged by the SIPP provider, so it is probably not worthwhile setting up a SIPP unless you have at least £50,000 to invest, The House Crowd said.
The platform will not deduct any fees from the returns quoted for any investment made through a SIPP, but Morgan-Lloyd will do so directly.