Auxmoney banks USD12m for P2P loans

Secured funding

German person-to-person loan site Auxmoney, has raised USD12m in Series A funding. The round saw investment from Index Ventures and Union Square Ventures, who together now hold a 21.8% share of the company (reports StrategyEye).

Auxmoney’s site allows consumers to borrow loans directly from private investors, thereby removing traditional banks and the high rate charges associated with personal loans. Since being founded in 2007 by three entrepreneurs, who still hold a 40.4% stake in the firm, the company claims to have assisted in 11,000 loans and gathered 500,000 site members. Auxmoney says it will use the capital to boost its product and expand its staff of 30.

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