The Manchester-based platform plans to launch new products and double staff numbers.
Peer-to-peer business lender Assetz Capital is in the middle of a £1m fundraising, but its board continues to weigh up a flotation.
The Manchester-based firm has so far raised just under £700,000 on its third equity crowdfunding campaign via Seedrs, as it bids to launch new products and secure further institutional funding.
But the board of the property-secured lender maintains an eye on larger rival on Funding Circle, which secured a £1.5bn flotation in London last October, even though the firm’s shares has consistently traded below its 440p per share launch price since then.
Assetz Capital says it is the second largest overall general business peer-to-peer lender behind Funding Circle.
“An initial public offering [IPO] also continues to be evaluated as a future step and the recent Funding Circle IPO is acknowledged,” said Assetz Capital in its notes to investors on Seedrs.
Assetz Capital, led by co-founder and chief executive Stuart Law, said it will use its current fundraising to seek additional institutional funding, upgrade its IT and double staff to 200.
It adds it will launch a new line of smaller, mass market secured lending products such as mainstream commercial mortgages and residential property refurbishment loans sourced through national brokers and distributors.
Assetz has already raised more than £5m on Seedrs, beating a £2m target to raise £3.2m in funding in 2015 and doubling its target in 2017 to raise £2m.
The platform, launched in 2013, says its 30,000 lenders have funded over £750m of facilities, earning themselves £70m in interest payments to date.
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