Estonia-based peer-to-peer lending platform Fagura aims to expand into Romania and become a digital bank after raising €312,920 (£268,921.4) from 208 investors in a Seedrs fundraising campaign.
The European P2P lending platform, which focuses on consumer loans and plans to expand into business finance, has exceeded its €200,000 target by 156 per cent, with 39 days left.
“The company is incorporated in Estonia, a digital and safe country for investors,” Fagura said on its fundraising page on equity crowdfunding platform Seedrs.
“We will capitalise on the opportunities offered by the new EU regulation for crowdfunding 2020/1503 to obtain a crowdfunding license in Romania, which will allow us to quickly launch in other countries in Southeast Europe, a market of over 100 million individuals and entrepreneurs, which could provide an estimated profit between 10 to 20 per cent for investors in loans.
“We have tested and validated our platform in a small market (Republic of Moldova), a sandbox environment, and now we crowdfund to expand and launch the first P2P lending platform in the Romanian market (for borrowers) and all European countries (for investors).”
Fellow European P2P lending platform EstateGuru has recently raised €1.3m from 971 investors in a Seedrs fundraising campaign.