THE HOUSE Crowd has received more than 500 advance pledges and raised more than £100,000 ahead of its crowdfunding campaign going live on Monday 9 September.
The peer-to-peer property lender’s crowdfunding campaign will be be run on Seedrs, aiming to raise £750,000. A private raise ahead of the public launch has so far attracted £118,000.
The platform previously indicated it would beat its target after more than £1m was pledged from 414 members.
Investment from the fundraise will be used to expand The House Crowd’s product range, develop a new brand and to improve its technology.
The House Crowd, founded by Frazer Fearnhead (pictured), will use the proceeds of the round to push its new brand, called Money Mog.
The new offering is targeting younger investors and offers annual returns of up to 5.5 per cent on P2P investments secured by UK property.
The deposit is just £100, with a minimum investment of £50 a month.
The interest rate starts at 3.5 per cent, with 0.5 per cent added for every investor referral, up to a maximum of four people, The House Crowd said.
Proceeds will also be used in the development of the firm’s blockchain secondary market with ASMX, and the company is also creating a white-labelled SIPP product so investors can include The House Crowd investments in their pensions.