HeavyFinance reaches €40m funding milestone

European peer-to-peer lending platform HeavyFinance has reached its €40m (£34.58m) funding milestone by supporting almost 1,400 agricultural projects.

The company aims to generate 250,000 carbon credits from 100,000 hectares of agricultural land by the end of 2024.

“We are proud to have hit such a milestone, and look forward to continuing our efforts in global outreach,” said Laimonas Noreika, co-founder of HeavyFinance.

Read more: The future is green: Exclusive interview with HeavyFinance’s Darius Verseckas

“International impact investments and the financing of sustainable practices is proving a crucial way to tackle climate change and is key to our commitment of removing one gigaton of carbon dioxide emissions by 2050, benefiting everyone.”

The P2P lender has more than 9,000 investors based across the world, who have received average returns of 13.16 per cent on their HeavyFinance loans.

Read more: Mintos investors earned €4.1m in July

In June alone, some HeavyFinance investors earned 33.85 per cent in interest, the platform noted.

The Lithuania-based company aims to support climate-focused businesses during “a critical time as the world faces rampant heatwaves threatening the environment and global food security”.

New research has shown that the frequency of heatwaves is projected to become 12 times more prevalent by 2040 compared to pre-warming levels, heaping pressure on farmers and agricultural businesses in need of funding.

Read more: HeavyFinance gains European crowdfunding licence