Crowdfunding success stories: eMoneyUnion
The peer-to-peer lending platform backed by the crowd to the tune of £427, 850
“Social lending for those that need it most”, early-stage peer-to-peer (P2P) funding site eMoneyUnion closed £427,580 in an oversubscribed pitch on equity-based platform Crowdcube in February this year.
The round, which was backed by over 100 investors, demonstrated the collaborative nature of the UK’s growing alternative finance sector as leading P2P companies including FundingCircle, Zopa, and peer lending comparison site P2PMoney, participated in the campaign to gain a stake in the business.
Having commenced beta testing in August 2013, Cheshire-based eMoneyUnion aims to provide personal loans of between £2,000 to £15,000 to consumers that may be currently excluded from mainstream finance, offering funding agreements for cars, home improvements and other purchases.
Matching borrowers looking for finance with lenders looking to get better rates, the “eBay for financial services” secured what is said to be the largest equity crowdfunding platform in the North West of England, surpassing its initial £300,000 target with an offer of 21.38% equity.
eMoneyUnion founder Lee Birkett, who has a 25 year background in the financial services market, said of the company’s crowdfunding equity offering:
“We look forward to welcoming our new shareholders in the phenomenon of peer-to-peer lending which has started a digital financial revolution with no high street banks involved.”