Welendus surpasses initial crowdfunding target, reaching up to £178k

P2P short-term lender Welendus has surpassed its initial crowdfunding target, with it pulling in £178,331, so far.

The campaign, which is still active, was initially looking to raise £150,001 from the sale of 3.13 equity, but has now sold 3.70 per cent of it equity. Welendus’ company valuation, pre-money, is just over £4.6m. Currently the company has seen up to 148 backers take part.

UK-based Welendus is a peer-to-peer short-term loan provider for individuals, at a cheaper rate and with no hidden fees. The company aims to improve financial inclusion by connecting people who need to raise capital directly to others who are looking to lend.

The platform is yet to launch, but is authorised by the FCA and was part of accelerator programmes at Microsoft and Level 39.

Welendus was founded by Nadeem Siam in 2015. Prior to starting the company, Siam served at asset management platform INTECSEA for almost seven years. Here he held a range of positions including: lead engineer, project manager, specialist engineer and senior Subsea Engineer.

Earlier in the week Ireland-based P2P mobile lending platform Flender moved past the halfway mark for its new funding round. The company is also becoming the country’s first crowdfunding platform and property-based P2P solution.

The European marketplace lending sector has seen a rise in funding over the year, while there has been a decline in deals. The third quarter of 2017 saw more than the capital invested than the previous two quarters combined.

Copyright © 2017 FinTech Global

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