Peer-to-peer lender Income has completed its latest crowdfunding round after raising €844,019 (£703,000).
The Estonia-based consumer and business lending platform launched a Seedrs campaign last month that was looking to raise €750,004 but has finished 39 days later at 112 per cent above its target.
The crowdfunding round was backed by 381 investors.
Most of the funding, €700,000, has come from fintech investor Tolaram.
Read more: Estonia-based P2P platform mulls UK launch
The money raised will be used to strengthen the platform’s team, enhance its product and to support ways of attracting more investors and loan originators, Income said in its Seedrs pitch.
On the product side, Income said it also has plans to launch a secondary market and to simplify its mobile app.
Income currently lists loans from originators in Brazil, Estonia, Finland and Latvia and is exploring adding other firms.
Almost €6m of loans have already been funded through the platform by 1,714 investors who have earned 11.81 per cent on average.
It comes after the platform launched a €400,000 crowdfunding campaign with investment platform SeedBlink in September 2021 to fund new hires, continue product development of its retail investor mobile app and further develop its institutional investor onboarding capabilities.