WELENDUS, the peer-to-peer payday lender, has rebranded as Fund Ourselves.
The firm unveiled the new name and website at the end of last month, describing itself as “on a journey to serve the under-served and the financially excluded.”
It has swapped its blue and white branding for a mix of green, white and purple but still offers the same rates and an Innovative Finance ISA (IFISA).
Nadeem Siam (pictured), founder of the platform which launched just last year, told Peer2Peer Finance News in March that the rebrand would include a new name, a more user-friendly website and new products.
Siam said the name was being kept under wraps for now as it still requires the necessary regulatory approvals but explained that the change is due to confusion over the meaning of Welendus.
“It is a made-up word,” he said.
“Our new name will be clearer on what we do and easier to understand.
“It is all about giving finance back to the people and giving power back to the user.”
The platform launched its first product in March 2018, offering borrowers an interest-free loan if the debt is repaid in one day.
Individuals can borrow up to £500 using the new facility, which is aimed at those faced with unexpected or emergency bills, Welendus said.
The borrower does not have to pay any interest if they pay the loan back within 24 hours.