UK Peer-to-Peer Lending Startup Elfin Market Now In search of £400,000 Via Seedrs Funding Spherical

Elfin, a UK-based peer-to-peer lending startup, is now searching for £400,000 via its fairness crowdfunding marketing campaign on Seedrs. Based in 2016, Elfin claims to be the world’s first peer-to-peer lending platform the place debtors get a line of credit score that they could draw upon as typically as they, with the identical flexibility as a bank card.

“Elfin Market needs to disrupt the bank card market and provide a good and reasonably priced various to “conventional” bank cards. To try this, we use peer-to-peer lending. Which means we immediately join debtors and lenders with out expensive intermediaries. With 5.8% consultant APR, our line of versatile credit score, the Elfin Purse, is 75% cheaper than the common bank card, and comes with no extra charges.”

Elfin famous additionally it is engaged on including a cost card, the Elfin Card, which can be immediately linked to the borrower’s Elfin Purse to make it even nearer to an everyday bank card.

“Lenders lend their funds to our debtors, who’ve all handed our strict credit score checks (we’ve authorised lower than 7% of borrower functions to this point). These funds are used to finance the versatile strains of credit score our debtors obtain. Our lenders get pleasure from engaging returns, automated diversification and suppleness on their investments. Additionally, due to our Progressive Finance ISA, they’ll earn tax-free curiosity.”

Funds from the Seedrs spherical can be used for the next:

• Rent 2 builders to additional construct up in-house capabilities, together with the launch of iOS and Android apps
• Make extra hires for buyer help, neighborhood administration, and advertising
• Cowl Elfin’s working prices for the subsequent 12 months (together with the launch of the Elfin Card and an elevated advertising funds)

Elfin is presently providing 5.80% in fairness via the funding spherical at a £6,502,400 pre-money valuation. The marketing campaign is ready to shut on the finish of February.