UK crowdfunding site CrowdBnk for small and medium enterprises (SMEs) announced it has rebranded itself and is now called Code Investing.
In a blog post on its website, the company explains that the new name better reflects its achievements and future goals. “Our focus on supporting proven small businesses seeking larger sums of growth capital, means we no longer feel the name CrowdBnk is fully representative of what we do and the services we provide,” the company says.
It notes it never was a bank and never will be. On the other hand, investment, both in money and continued support the company provides to SMEs is at the heart of its activities and now is part of its name. The new name also reflects Code Investing position as facilitators, enabling institutions and individual investors to co-invest in debt and equity alongside Code Investing.
“We are committed to becoming the UK’s most advanced debt and equity crowdfunding platform, connecting serious investors with successful high growth businesses,” the post reads.
Code Investing also said it has improved its lending platform and will now focus more on growth capital raises of £1 or more in order to better serve the needs of the SMEs seeking larger sums, which cannot be obtained through “traditional” lenders.
“We’ve seen how the alternative finance market is evolving and we believe there are a significant number of small and medium, high growth businesses that are not being provided with adequate support,” Code Investing said. “Many crowdfunding platforms just don’t have the infrastructure or stringent enough due diligence processes to support significantly larger raises.
Code Investing was launched in 2013 and is regulated by UK’s Financial Conduct Authority. It has a proprietary digital platform offering due diligence, online and mobile payments through to term sheet generation and deal execution. For equity investments, Code Investing provides tailored term sheets, direct shareholding and shareholder registry services through partners.
All projects listed on the platform undergo a robust vetting process, including KYC, AML, credit checks, review of business plans and financial projections, accounts review (where appropriate) and entrepreneur interviews.