Estonian peer-to-peer lending platform Income has launched a €400,000 (£343,000) crowdfunding campaign with investment platform SeedBlink.
The platform will use the proceeds of its fundraise to make key hires, continue product development of its retail investor mobile app, and further develop its institutional investor onboarding capabilities.
It also plans to launch secondary market functionality and to add more loan companies to list their loans onto the Income platform.
“We believe our focus on safety and the simplification of the overall investment experience are key to moving loans more into the mainstream as the leading alternative asset class,” said Kimmo Rytkönen, chief executive and co-founder of Income.
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“There is no other investment platform on the market that does what we do and it’s super exciting for us to see our product in the reach of all investors.
“Doing an equity crowdfunding campaign allows us to raise awareness and involve investors to participate in our journey to build a world-class business and change investing in loans for good.
“We chose Seedblink as an up-and-coming platform due to their tech focus and because we know how important it is to support new platforms.”
The crowdfunding campaign is the latest stage in Income’s plans to raise €1.3m to fund the company’s growth.
The platform has already raised €1m in its pre-seed funding round, mainly from angel investors.
Income launched its P2P platform in 2020. Since then, it has accumulated approximately 600 registered users and is currently growing by 10 per cent week on week.