Elfin Market beats fundraising target on Seedrs with 21 days left
Elfin Market has raised more than £1.36m in its latest crowdfunding round, overshooting its target with 21 days left to go.
The peer-to-peer consumer lender’s equity fundraise on Seedrs has attracted £1,366,119 from 179 investors, as of 15 November.
The funding round had a £1,200,007 target.
Elfin Market is on a mission to disrupt the credit market in the UK, which it believes offers products that are too expensive for consumers.
It launched the Elfin Card, which provides flexible credit that is 50 per cent cheaper than the average credit card, with fair and transparent pricing.
Elfin Market has lent more than £50m to date through more than 250,000 transactions, helping 18,000 borrowers save on interest, according to its Seedrs page.
Read more: Elfin Market facilitates loans of more than £17m in 2022
It saw more than 10 per cent monthly growth in its user base between July and September of this year.
The platform announced in May that it will start lending its own funds on the platform, sourced from institutions, alongside retail money.
It revealed on its Seedrs page that it has received its first institutional funding, valued at £8m.
Under the new lending model, Elfin Market is running two loan books in parallel – one funded by P2P investors and one funded by institutional investors.
Both funding lines will have similar risk profiles and deployment times.