European crowdfunding platform raises €2m for itself
European crowdfunding platform Invesdor has surpassed €2m (£1.69m) in a fundraising campaign for itself.
On the day that the offering went live, investments topped €1.4m, and within 72 hours the platform had raised €2.1m.
Investors in the funding round will purchase a convertible bond with a 20 per cent discount at the end of the term. The interest rate is eight per cent.
Invesdor will use the funding to expand into new European markets and add a secondary market.
“We want to consolidate and expand our position as a leading crowdfunding platform,” said Christopher Grätz, chief executive of Invesdor.
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“Therefore, we are planning to expand into two new countries’ markets. Additionally, we want to improve the tradability of all our products.”
Invesdor was formed out of a combination of three different platforms – Austrian crowdfunding business Finnest, German crowdlender Kapilendo, and Finland’s Invesdor, which is now the main brand.
The company aims to take advantage of incoming European crowdfunding rules which make it easier for EU-based lenders to expand into other member states.
Yesterday the European Markets and Securities Authority (ESMA) announced that it was adding another year to the transition period to give crowdfunding and peer-to-peer lending platforms more time to become compliant with the new regulations.
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