Loanpad has already beaten its £250,000 minimum investment target in a fundraising campaign which only opened up to the public last Friday.
The peer-to-peer lending platform launched the campaign to some of its pre-registered investors on Monday 15 March and opened it to investors on equity crowdfunding platform Seedrs on 19 March.
£275,820 has been raised from 189 investors as of the morning of Monday 22 March, with the campaign likely to run until the end of the week.
The platform said the proceeds raised will be used to support the ongoing growth of the platform.
This includes general growth working capital, marketing activity to raise awareness and substantially increase the funds under management, increasing the size of its interest cover fund and software development to enable new features and account-types and licensing to third parties.
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“We are delighted to have raised the funds so quickly and look forward to more investors taking part so that we can continue to boost awareness of our products,” said Louis Schwartz, chief executive of Loanpad.
Loanpad aims to break even and become profitable in the second quarter of this year, after its loanbook grew by 200 per cent year-on-year across 2020.
In January, Schwartz said that the size of the platform’s loanbook rose from £6.5m at the end of 2019 to £18.25m at the end of 2020, as a result of many new investors joining and existing investors increasing their investments.