Creditspring, a UK-based subscription-based loan membership platform, has officially closed its equity crowdfunding campaign on Seedrs. The company completed the funding round with a total of £1,571,666 secured. Through the initiative, which was launched in August, CreditSpring offered 13.30% in equity at a £9,780,000 pre-money valuation.
As previously reported, Creditspring’s mission is to empower hardworking people to transform their lives through access to responsible credit. The company further explained:
“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.”
Funds from the Seedrs round will be used to continue to help the “clear demand” for its product. CreditSpring went on to add:
“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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