76. Welendus

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  • Megan Dunsby

Founders: Nadeem Siam and Tuomas Hietanen
Founded: March 2015 (launched December 2017)
Website: welendus.com

Nadeem Siam and Tuomas Hietanen believe the UK's short term credit industry has a problem.

The problem in question? That many profit-hungry organisations either will either lend to vulnerable customers in need of financial support but will inflict high fees upon them, or will overlook these people altogether for fear that they won't pay up.

Siam and Hietanen's solution to this is Welendus.

Offering ethical short-term peer-to-peer loans to those in need of emergency cash, Welendus provides fair and affordable repayment options, funnelling the returns back into society.

Pledging to be simple, transparent, fast and reliable, Welendus enables you to borrow any sum from £50 to £500 via a five minute application process. You'll receive an instant decision and the money will be transferred to your account the same day.

Its flexible options include interest-free if the loan is paid back the same day, while Siam and Hietanen are keen to highlight that they don't charge incredibly high interest rates or expensive late fees. Rather than late repayments incurring high fees, its short-term loans transition into affordable long-term loans.

Authorised by the Financial Conduct Authority (FCA) – an achievement the founders refer to as a “breakthrough moment” for the business”, Welendus' goal to offer fair and flexible solutions that respect those in need of short-term cash is one that the public is getting behind.

Since launching in December 2017, the business has attracted 3,500 registered active users – early growth which it expects to increase rapidly given the size of the UK population and the fact that its interest fees are comparatively low compared to other short-term lenders.

With projected turnover of £6m for 2018, the founders tell us the next 12 months will bring customer acquisition, expansion and growth.

Megan Dunsby

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