‘Superwoman’ Nicola Horlick’s new crowdfunding platform set to go live
‘Person-to-business’ lending platform Money&Co allows lenders to invest upwards of £10
A new crowdfunding loans platform founded by well-known City hedge fund manager Nicola Horlick is set to launch tomorrow.
Announced in November, Money&Co will operate on a similar model to loans-based alternative finance platforms such as Funding Circle, allowing members of the public to back growing businesses with low-cost loans.
The start-up said that borrowers would experience an especially ‘speedy turnaround’ using the platform, with auctions going online around 72 hours after the initial application and pitches open for a maximum of 14 days.
Lenders can use the platform to select which kind of businesses they want to invest in, based on search criteria including geographic location, sector, risk assessment and credit rating.
Money&Co’s lenders will have to commit to a minimum of £100 in loans, although they can invest upwards of just £10 in individual businesses.
Each business listed by Money&Co will receive an individual credit rating created by a dedicated team, which the site said would help inexperienced investors select which business to lend to.
The business will be headed up by CEO Horlick, who is one of Britain’s best-known City investors and businesswomen with more than 30 years’ experience in financial services – having held top positions at a number of high-profile fund managers.
Nicola Horlick said in a statement: “Crowdfunding is growing very quickly and Money&Co. provides a great opportunity to offer both businesses and investors something they aren’t getting right now: accessible finance at attractive interest rates.
“Access to finance continues to stifle growth. Small and medium-sized businesses, in particular, struggle to get their hands on much-needed funding.
“With Money&Co. I want to open up the alternative finance sector so that more people and businesses can bypass the banks.”