Overfunding: Peer-to-Peer Lending Startup Elfin Market Quickly Secures £400,000 Funding Target Through Seedrs Campaign
Summary
Less than a week after launching its equity crowdfunding campaign on Seedrs, UK-based peer-to-peer lending startup Elfin Market successfully secured its initial 400,000 funding target. That means we directly connect borrowers and lenders without costly intermediaries. These funds are used to finance the flexible lines of credit our borrowers receive. Our lenders enjoy attractive returns, automated diversification and flexibility on their investments. Also, thanks to our Innovative Finance ISA, they can earn tax-free interest.” Elfin is planning to use the Seedrs funds for the following: • Hire 2 developers to further build up in-house capabilities, including the launch of iOS and Android apps • Cover Elfin’s operating costs for the next year (including the launch of the Elfin Card and an increased marketing budget) Speaking about the campaign’s quick success, Co-Founder and COO of Elfin, Lakshithe Wagalath, stated: “We’re thrilled to announce that we reached our £400k crowdfunding target – in just over 24 hours!