New P2P lender aims to disrupt the credit card market
Summary
The platform is targeting the 55 per cent of credit card customers who do not manage to clear their balance every month and thus end up paying high interest rates. “I’ve been following fintech for many years and noticed a gap in the market,” Mansour Bouaziz, chief executive and co-founder, told Peer2Peer Finance News. “We’re offering the same rates as those loans but with more flexibility.” Read more: Lenders report boom in demand for unsecured credit Elfin Market gained Financial Conduct Authority approval in September 2018 and is readying for a soft launch next month, when it will open to a limited selection of borrowers and investors. Elfin Market plans to launch a plastic payment card in the third quarter of 2019, providing its borrowers with another way of drawing credit from their Elfin Purse to make it as convenient as a traditional credit card. In August 2018, Elfin Market closed its first fundraising round, raising £400,000 from 19 angel investors.