Peer-to-peer property lender Wellesley has discontinued its £1.5m crowdfunding campaign because it had not raised enough investor interest.
The company issued a statement saying it had not “achieved sufficient scale to make a material impact to the company’s growth” from the campaign on crowdfunding site Seedrs.
Wellesley added that since the company traded profitably in the second half of 2016 with more than £1m in net asset value, it was not dependent on securing additional capital.
However, the lender did say it would consider more equity investments if it were to “encounter an investor who shares our values and commitment to positive customer outcomes in the future”.
The statement said: “We are confident that we have made the best decision to provide for Wellesley’s future growth, and are in a strong position to continue to grow the business throughout 2017 and beyond.”
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