‘Relationship lending’ fintech seeks to raise $1.5m

A Western Australian fintech that manages loans between known parties is seeking to raise $1.5 million through an equity crowdfunding campaign.

Credi, a fintech that provides a way for family members, friends and businesses to “formalise” loans, is seeking a fresh injection of capital.

The fintech will soon launch an equity crowdfunding campaign via Equitise to raise between $500,000 and $1.5 million over a month at $1 per ordinary share.

Founded in 2017 by the Western Australian director of FinTech Australia, Tim Dean, Credi allows known parties to formalise loans, whether it’s small loans between friends, parents providing deposits for a house, investors seed funding a new business, businesses lending to directors, or self-managed superannuation funds lending to third parties.

An entirely digital platform, Credi seeks to “reduce the risk and fear associated with informal lending” by helping users negotiate the terms of a loan and manage loan repayments through automated direct debits, email and SMS reminders, while also providing the flexibility for loans to be amended or be repaid early.

“Credi was created to make it easy to receive financial support from friends and family as an alternative to expensive, if available, other forms of credit such as bank loans, often with potentially financially crippling fees,” Mr Dean said.

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Source: ‘Relationship lending’ fintech seeks to raise $1.5m