Lend, a Zürich, Switzerland-based fintech startup, closed a CHF3.5m Series A funding.
Backers included angel investors and Polytech Ecosystem Ventures. In conjunction with the funding, Dr. Stefan Jaecklin, former Head Oliver Wyman Switzerland, the global financial services consulting company, and Dr. Luzius Anderegg, senior software developer at software company Ergon Informatik, joined the Lend team.
The company will use the funds to further develop its platform and market its brands, LEND and splendit, enhancing automation, customer usability and increasing marketing efforts within Switzerland.
Led by Florian Kübler, co-founder, Lend operates a crowdlending platform that enables borrowers to obtain loans at favorable rates and lenders to direct their own loan investment opportunities. Lenders have access to all risk-relevant information from prospective borrowers and can allocate funding across different projects with different risk profiles and maturities.
Credit projects are protected by Helvetia insurance against unemployment, disability, and death while the company conducts an underwriting process
for borrowers, handling all contractual issues and financial movement on the platform.
Since its launch in January 2016, the platform has recorded more than 4,000 users and funded 300 credit projects.
Lend is run by Switzerlend AG and is a regulated financial intermediary by FINMA.