UK peer-to-peer lending start-up Elfin Market reached its £400,000 crowdfunding target on Seedrs in just over 24 hours and the campaign has now gone into overfunding.
The platform launched the equity crowdfunding campaign on 30 January and it has attracted more than 250 individual investors so far.
“We’re thrilled to announce that we reached our £400,000 crowdfunding target – in just over 24 hours! A huge thank you to everyone who has taken part so far!” said Lakshithe Wagalath, co-founder and chief operating officer of Elfin Market.
“We’ve been delighted by the response to our campaign, and we’ve decided to move into overfunding.
“This means the campaign will remain open for now, and anyone can still invest under the same terms.
“We’ll use the additional funds to accelerate our growth!”
Elfin Market offers revolving credit akin to a credit card.
Borrowers on the platform get access to a line of credit with a credit limit and can make as many withdrawals as they want within their credit limit, like they would with a credit card.
The money is then instantly transferred to their bank account and they can use it however they wish.
“Elfin Market wants to disrupt the credit card market and offer a fair and affordable alternative to ‘traditional’ credit cards,” Mansour Bouaziz, co-founder and chief executive of Elfin Market, said.
“To do that, we use P2P lending.
“That means we directly connect borrowers and lenders without costly intermediaries.
“With 5.8 per cent representative APR, our line of flexible credit, the Elfin Purse, is 75 per cent cheaper than the average credit card, and comes with no additional fees.”
Elfin Market opened its platform in late 2019 and has experienced a 60 per cent monthly growth since then.
Current crowdfunding is intended to help the platform grow over the coming months, as well as fund the launch of new features such as an iOS/Android mobile application and the Elfin Card, a physical payment card linked to borrower accounts.