Welendus announces 'industry-first' ISA product and investment round with Seedrs
Today (September 6), Welendus, an FCA-approved Peer-to-Peer (P2P) lender, has announced the launch of a HMRC-approved Innovative Finance ISA (IF-ISA).
This is aiming to enable investors to invest their annual ISA allowance in a flexible high return investment product, with no income tax on the interest earnings. This product will be the first ISA product on the market, with up to a 15 per cent return.
Welendus is aiming to re-define the short-term credit market by introducing its concept of a P2P short-term lending product.
Welendus’ CEO and co-founder, Nadeem Siam, said: “One of the main things we pride ourselves on at Welendus is our ability to allow lenders to earn higher interest, and the borrower to save on their borrowing.
“This gives both parties extra savings, increasing their purchasing power which is then funneled back into society when spent. Therefore, this is not only better for the lender and borrower, but also for the economy.
“The new IF-ISA product will further this, particularly for investors, and will hopefully encourage more to join the crusade in protecting vulnerable consumers by giving them help during difficult times.”
Welendus wants to offer better, ethical, more flexible and affordable short-term loans for borrowers through a clear and easy to use platform.
Its aim is to help people in short-term financial need borrow directly from other people at a much cheaper rate with no hidden costs or charges.
Welendus also recently launched its third fundraising round on leading European equity crowdfunding platform, Seedrs. The company hit its £850k investment target in just two weeks, with more than £944k now raised from 385 investors.
Funds from the round will support the continued development of the platform and new products and services to ensure Welendus remains the leader in the rapidly evolving sector. Previously, Welendus has raised £315k in total via Seedrs, from 354 investors across 26 countries.
Nadeem added: “We are delighted to once again return to Seedrs.
“We have had a hugely encouraging reception each time we have gone to the crowd, so we look forward to welcoming them all back again and will hopefully bring on some new investors to take us to the next stage of our mission.”