Crowd2Fund secondary market remains closed
Crowd2Fund has kept its secondary market temporarily closed despite reopening to investors and borrowers last month.
The peer-to-peer lender had paused new listings and its secondary market in April but has now relaunched with a refreshed website.
It said in a note to investors that users must complete a new “onboarding questionnaire” as part of its enhanced compliance procedures while borrowers can expect a tougher credit policy.
The note adds that its exchange remains temporarily closed as it is “still implementing improvements.”
“We’ve made great efforts to help protect your investments during this extremely challenging time, and to help businesses access the emergency credit provided by the British Business Bank,” Crowd2Fund said.
“Thankfully, our default rate and losses have remained stable during the COVID-19 lockdown due to these efforts.”
Read more: Crowd2Fund offers zero fees to NHS employees
It comes as Crowd2Fund has so far received pledges worth £1.19m as part of its “reboot Britain” campaign to support the platform and develop its technology to provide funding for businesses.
The lender is looking to raise £5m from investors that will be matched by the government’s future fund.
Investors are being offered an annual interest rate of four per cent for backing the campaign.
The platform has previously said it is planning to deploy billions of pounds of private capital for high-growth entrepreneurs and businesses and aims to scale-up to facilitate investment into 3,467 innovative firms annually.
