The capital raised will allow for further investment in Landbay’s technology platform and distribution capability, which will help it to modernise its mortgage funding.
The investment round had already reached its target of £1.25m from new and existing investors, and comes on the back of Landbay recently surpassing lending volumes of £100m.
In March, Landbay achieved its record month for both mortgage completions and applications, and thanks to this growth in revenue and gross profit, the company expects to reach profitability in Q4 2018.
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John Goodall, CEO and founder of Landbay (pictured above), said it was only natural and right to open this equity round up to retail investors.
“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.”
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