IFISA pioneer Abundance launches £1.2m crowdfunding campaign
Ethical peer-to-peer lender Abundance has launched a new crowdfunding campaign to raise £1.2m for the platform’s expansion.
The fundraising event is now live on Seedrs and will allow members of the public to become de facto shareholders in the P2P platform.
Abundance was one of the UK’s first IFISA providers, and specialises in green energy, social housing and other ethical investments.
It was co-founded by Bruce Davis, who also helped to create the UK’s first P2P platform Zopa.
“Abundance is helping build a more democratic and open financial system that gives people control over their money and how it’s invested,” the company said in a statement.
“We want everyone to be able to take part in the transition to a better world and share in the financial benefits from doing so, be that through their investments, their ISA, or as a shareholder.”
The £1.2m investment target will represent a 6.76 per cent equity stake in the business. If successful, the crowdfunding campaign will help value Abundance at approximately £17.75m.
“We’re proud to have coined the phrase ‘democratic finance’ – and we firmly believe that capitalism works better when people are directly involved; as shareholders, debenture investors or employees,” said Bruce Davis, co-founder and joint managing director of Abundance.
“With six years of steady growth, we’ve proved our investment model is delivering the social infrastructure the UK needs and is scalable. Now we’re working with Seedrs to invite people to join us as shareholders.
“Together we can build a bigger community of investors, funding bigger investments in green and social projects that have a bigger impact. Helping create a world of better investing.”
Within the first five days of the campaign’s launch, more than £768,000 had been raised from approximately 524 investors.
The funds will be used to expand the platform’s investment team, increase its marketing department, and invest in technology.
Updated: Tuesday, November 27th, 2018