Landbay, a buy-to-let mortgage lender that uses peer-to-peer technology to fund loans, has closed a £2.4m crowdfunding round.
The London-based PropTech/FinTech firm raised the funds via crowdfunding platform Seedrs, securing a total amount of £2,440,266.
This far exceeds the firm’s target amount of £1.5m and brings the total amount raised to date to around £7m.
“This was a bridge round funded by existing investors. The funds will enable us to continue to expand our operational capacity as we ramp up lending, as well as launch new mortgage and investment products,” said Gray Stern, co-founder and chief commercial officer at Landbay.
The firm, which currently employs 30 people, previously received investment from Zoopla, Omni Partners LLP and James Sore, who is chief investment officer at investment platform SyndicateRoom.
The Landbay platform enables people to make property-backed investments with as little as £100 while buy-to-let landlords can secure mortgages with a simple fee structure and low interest rate.
It claims to have loaned £51.87m to date across 275 mortgages and boasts an expected return of 3.75% for investors, although this is of course not guaranteed.