LendingCrowd, an Edinburgh, Scotland, UK-based peer-to-peer (P2P) lender, secured an external funding round of £2m.
The round was led by angel syndicate Equity Gap and included a number of private investors from Scotland’s entrepreneurial and finance scene and the Scottish Investment Bank.
The company will use the funds for ramping up its sales and marketing activities.
Led by CEO and co-founder Stuart Lunn, LendingCrowd provides a P2P lending platform which enables retail and other investors to invest in SME loans. Deals range in size from £20,000 to over £1 million.
Since launching in 2014, LendingCrowd has become fully authorized by the Financial Conduct Authority, launched an ISA product for investors and agreed a partnership with Scottish Enterprise whereby its investment arm, the Scottish Investment Bank (SIB), has agreed to invest £2.75m in LendingCrowd loans.
The platform has over 4,500 investors signed up to its platform.