Selina Finance, a London-based alternative lender which provides credit to business borrowers by unlocking the value tied up in their property, has secured £12 million in equity funding and £30 in debt lines.
The firm says the equity, raised from Picus Capital, Global Founders Capital and others, will be used to invest in technology as it prepares to enter the consumer lending market later this year.
Founded in 2019 by Andrea Olivari, Hubert Fenwick and Leonard Benning, Selina Finance offers overdraft-style credit facilities up to £1 million to SMEs backed by the equity tied up in their homes or investment property.
Co-founder Hubert Fenwick, says: “Homeowners deserve to be able to unlock the value tied up in the home they’ve worked so hard for, both at an affordable price and in a flexible manner. We want to help people tap into their real estate wealth whenever they need to borrow funds, by making the whole process, from application to funding, as seamless and as fast as possible.”
Since lending started last year, the firm claims to have recorded zero defaults and no arrears.