Charm Impact raises nearly £275k to prepare for P2P launch

Ethical investment platform Charm Impact has raised £273,520 in an equity crowdfunding campaign to prepare for its launch into the regulated peer-to-peer lending space by the first quarter of 2021.

The platform provides peer-to-business loans to clean energy entrepreneurs in developing economies.

547 investors took part in the crowdfunding campaign on Crowdcube to help Charm Impact break its initial target of £100,000 by 273 per cent.

The platform will use some of the funds to launch into the regulated P2P space by operating as an appointed representative of Rebuildingsociety.

Charm Impact also plans to spend money on expanding its team, developing its platform and raising brand awareness.

Read more: Seedrs and Crowdcube: A P2P history

“We’re very happy with the raise and we’ll use it as a springboard to grow and we’ll start the process of launching into the regulated P2P space,” said Gavriel Landau, co-founder and chief executive of Charm Impact.

“Once we close the funds and have the money in the bank we’ll be able to engage with Rebuildingsociety to start onboarding with them as an appointed representative. We’ll do it as quick as we can.

“We were thrilled to see our mission resonating with so many investors.

“As individuals we often feel powerless in the face of global issues such as climate change. Being part of the Charm community enables individuals to come together to make money and do good at the same time, in a transparent and traceable manner.

“We are just at the start of this incredible journey and the funds we have raised now, along with our 550 plus investors puts us in a great position to accelerate our growth and make a real impact.”

The £273,520 figure raised from the completed crowdfunding campaign is up from £209,710 raised as of 22 October and £123,610 at the start of October.

To date, Charm Impact has empowered 1,883 people and 59 businesses with renewable electricity, with five live projects across two continents.