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Flender, a P2P lending platform regulated by UK’s FCA, has launched an equity crowdfunding campaign on the platform Seedrs. Flender is seeking an investment of £500,009, offering 10% of equity. The company has a pre-money valuation of £4,498,613.
According to its website, Flender is a mobile P2P lending platform that relies on an individual’s or a company’s social networks like family, friends and customers. To lenders the company promises “a decent interest”, while borrowers can get loans “at the interest rate you choose, quickly, simply, and by just using your phone.” Both lenders and borrowers would have the option to set an interest rate that suits them the most.
Flender states it is not yet another P2P lending platform where the process of lending and borrowing is more or less anonymous. Instead, Flender introduces the element of social relations and claims it would help businesses leverage their fan base and strengthen loyalty.
Flender intends to do this by offering:
• Trust through social network connections.
• Ability for both borrowers and lenders to choose their own interest rates.
• Seamless mobile user experience.
• Both for consumer and business lending.
So far Flender has obtained £353,264, or 71% of the investment it is seeking in this round, from 47 investors. The campaign is set to end in January 2017.
According to the site Crunchbase, it also got an undisclosed sum from an angel investor in August this year and another undisclosed sum from a seed in July 2015.