Elfin Market investors and borrowers can now control their accounts from the palm of their hands.
The peer-to-peer lender launched in 2019 to let investors fund lines of credit to individual borrowers with the same flexibility as a credit card but with much lower interest rates.
From today (1 March), users will be able to download an Elfin Market app on an Apple or Android smartphone.
Borrowers will be able to make withdrawals and manage credit limits while investors can monitor their returns and set up an Innovative Finance ISA.
“Releasing our mobile app is the next milestone in our effort to build up Elfin Market as an affordable and user-friendly alternative to traditional credit cards.” Mansour Bouaziz, chief executive of Elfin Market, said.
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.