Elfin Market signs up to Innovate Finance
Elfin Market is among the latest members to join fintech trade body Innovate Finance.
The peer-to-peer lender launched in 2019 to let investors fund lines of credit to borrowers with the same flexibility as a credit card but on much lower interest rates.
The platform has been named alongside new members by Innovate Finance today (25 January).
Read more: P2PFN‘s exclusive interview with Elfin Market’s Mansour Bouaziz
Others include social impact investment firm Clim8 Invest and money exchange platform Fourex.
Elfin Market targets the 55 per cent of credit card customers who do not manage to clear their balance every month and thus end up paying high interest rates.
The so-called Elfin Purse is a line of credit which borrowers may draw upon as often as they like, up to a £2,000 credit limit, with a representative APR of 5.8 per cent.
Investors can earn between eight and 12 per cent ad £3.5m has been lent so far.
Elfin Market is also planning to launch a P2P lending-backed credit card.
It raised £400,000 in crowdfunding last year to support the launch of the credit card.
“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.”
