UK peer-to-peer lending platform Elfin Market launched a crowdfunding round on Seedrs on 30 January 2020.
The £400,000 target set up initially was achieved in just over 24 hours and Elfin Market decided to keep the campaign running and go into overfunding. So far, the campaign has attracted more than 250 individual investors on Seedrs.
Lakshithe Wagalath, co-founder & COO:
“We're thrilled to announce that we reached our £400k crowdfunding target - in just over 24 hours! A huge thank you to everyone who has taken part so far! We've been delighted by the response to our campaign, and we've decided to move into overfunding. This means the campaign will remain open for now, and anyone can still invest under the same terms. We'll use the additional funds to accelerate our growth!”
Elfin Market is a peer-to-peer lending platform that offers revolving credit akin to a credit card. Borrowers on the platform get access to a line of credit with a credit limit and can make as many withdrawals as they want within their credit limit, like with a credit card. The money is then instantly transferred to their bank account and they can use it however they wish.
Mansour Bouaziz, co-founder & CEO:
“Elfin Market wants to disrupt the credit card market and offer a fair and affordable alternative to ‘traditional’ credit cards. To do that, we use peer-to-peer lending. That means we directly connect borrowers and lenders without costly intermediaries. With 5.8% representative APR, our line of flexible credit, the Elfin Purse, is 75% cheaper than the average credit card, and comes with no additional fees.”
Elfin Market opened its platform in late 2019 and has experienced a 60% monthly growth since then. Current crowdfunding is intended to help the platform grow over the coming months, as well as fund the launch of new features such as an iOS/Android mobile application and the Elfin Card, a physical payment card linked to borrower accounts.