Peer-to-peer mortgage lender Landbay has announced it is opening its latest equity funding round to new investors through the Seedrs platform and revealed plans to float on the stockmarket.
The round went public on the equity crowdfunding website on 29 March. Landbay has already surpassed its target of £1.25m from existing and new investors after sharing the funding round privately.
The capital raised will allow further investment in Landbay’s technology platform and distribution capability. The round comes on the back of Landbay recently passing £100m of loans, with over 25% of these having originated in the last three months. March was Landbay’s record month for both mortgage completions and applications. The company said it expects to hit profitability in Q4 2018.
Landbay direct-matches retail and institutional funds into buy-to-let mortgages via its peer-to-peer investment technology. For borrowers, advanced, modular technology and a tailored approach to underwriting allows Landbay to provide the fastest turnaround and best service of any specialist buy-to-let lender, whilst its platform gives retail and institutional investors access to the burgeoning buy-to-let mortgage market. Retail investors are offered the chance to lend via an Innovative Finance ISA or classic peer-to-peer investment.
John Goodall, CEO and founder of Landbay said: “Over the past 18 months the business has matured significantly and we now have the mortgage funding, intermediary partners, technology and capacity in place to support the continued expansion of the company. Our sights are now set on becoming a publicly listed company in the future.
“Seedrs is a pioneer in regulated equity investment, and the benefits it brings to retail investors through fast growth companies like Landbay is vast. We have had a long relationship with the company and value the shareholder protections it gives to retail investors via its nominee structure.”
Landbay is backed by ZPG plc – owner of Zoopla and USwitch, Omni Equity Partners and over 500 private investors via the equity fundraising platform Seedrs.