Creditspring, a UK-based subscription-based loan membership platform, has successfully secured its initial £1.5 funding target through its equity crowdfunding campaign on Seedrs. The funding round was launched in August, with the company offering 13.30% in equity at a £9,780,000 pre-money valuation.
As previously reported, Creditspring’s goal is to empower hardworking people to transform their lives through access to responsible credit.
“40% of the UK population has less than £100 in savings, exposing them to risky and expensive forms of credit which can spiral out of control. Creditspring aims to break this cycle. In the simplest terms, Creditspring gives people the possibility to rent a safety net of credit. We have developed a subscription-based service that costs only a small fee per month. With this our members can take out two interest-free loans in a year, whenever they need them. Our two levels of membership provide either two £250 loans per year for a £6 monthly fee, or two £500 loans per year for an £8 monthly fee with Creditspring Plus.”
In regards to what it is planning to use the Seedrs funds for, Creditspring then added:
“We will use the proceeds of this Seedrs fundraise to continue to meet the clear demand for our product. Our goal is to acquire 10,000 happy customers in the next 6 months. Achieving this proves the scalability of our technology, our underwriting and our customer acquisition strategies, putting the company in a good position for a £5-7 million Series A raise.”
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