JustUs is preparing to launch a crowdfunding campaign on Seedrs.
The peer-to-peer lender’s founder and chief executive Lee Birkett (pictured) told Peer2Peer Finance News that there is not a set target but at least £300,000 is required for the platform to be able to utilise the government’s future fund and convert £1.2m previously raised from equity to debt.
The future fund was one of the UK government’s coronavirus support schemes, providing innovative and high-growth companies with convertible loans ranging from £125,000 to £5m, subject to at least equal match funding from private investors.
“We’re looking to raise at least £300,000 and convert it into debt,” said Birkett. “Early indications are there is substantial demand.
“You need to raise 25 per cent of the equity so in simple terms, the future fund [raise] was £1.2m and you need to raise £300,000 of equity for the future fund conversion into debt.
“We’re doing this conversion as part of the process but also to allow international investors to come on.”
Birkett added that he expects the fundraising campaign to be overfunded.
JustUs is inviting existing customers to join the priority investor list, who will be emailed as soon as the campaign goes live.
Birkett also confirmed that JustUs is launching a separate crowdfunding campaign in the US at the same time.
The platform is planning to roll out its P2P lending on a state-by-state basis in the US next year.
JustUs has its own digital currency called BiPS and is awaiting the Bank of England’s central bank digital currency (CBDC).
“If CBDC is issued alongside our private digital money BiPS, we believe this evolution of the monetary system will create a fairer financial system for all,” JustUs said.
Read More:JustUs readies for Seedrs crowdfunding campaign