- Investment sought:
- Equity offered:
for 9.05% equity
Credit cards are commonplace in the UK. Every day, millions of people use them as a flexible way to borrow money, whether to cover occasional large expenses or to fund their everyday spending. There are actually over 60 million credit cards in the UK and the outstanding credit card debt amounts to £72 billion.
But when it comes to cost, we believe customers could be much better served. Current credit card APRs have reached 24.7% on average - the highest recorded in 13 years. Not to mention the many additional fees: balance transfer fee, annual fee, cash advance fee, late payment fee.
Elfin Market wants to disrupt the credit card market and offer a fair and affordable alternative to “traditional” credit cards. To do that, we use peer-to-peer lending. That means we directly connect borrowers and lenders without costly intermediaries.
With 5.8% representative APR, our line of flexible credit, the Elfin Purse, has a 75% cheaper representative APR than the average credit card, and comes with no additional fees.