LoanBook, a Spanish marketplace lending platform, having easily surpassed its initial £650,000 last week is, is heading toward the home stretch having raised over £721,200 for 6.40% equity with the help of more than 253 Crowdcube investors. £340,000 of this investment sum comes from current shareholders, local Business Angels and Family Offices. Funding will be used to continue LoanBook’s platform growth and development.
[clickToTweet tweet=”Hours Remain on Spanish #Fintech @Loanbookcapital @crowdcube Campaign @fintechinsider_ @crowdfundinside” quote=”LoanBook Nears @Crowdcube Campaign Finish Line, Overfunded & Ready for Growth in 2018″]
Launched in 2013 by CEO James Buckland in Barcelona and Madrid, LoanBook is reportedly Spain’s leading marketplace lending platform, with a 4-year track record of working capital lending to Spanish SMEs and a nearly 40% market share. The Spanish fintech platform has surpassed €40m to date and has doubled its volume in each of the last 3 years.
“We hit a major milestone today: We just surpassed 40 million euros in loans to Spanish SMEs since our launch. Over half of those loans were funded within the last 12 months, thanks to our fast growth,” posted on Crowdcube on 22 December. “Many of you are also investors in our Marketplace www.loanbook.es, so a big thank you to all of you who have been part of our journey!”
The platform focuses on short-term working capital loans (typically 3-12 months) because it sees the product SMEs as most valuable.
“It’s where we see the best risk/return for our investors – who also value the liquidity which S/T lending offers – and because the business processes involved in S/T lending can be almost entirely automated, allowing us to drive down costs and scale our business efficiently,” told Crowdfund Insider in an earlier post.
In October LoanBook formed a partnership with the cloud fintech platform Sage, in order to offer Sage’s Spanish customers a direct, in-product channel to request working capital loans from €25,000 to €250,000.
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LoanBook Video for Crowdcube from LoanBook Capital on Vimeo.