The P2P provider and fintech start-up Welendus has renamed itself to Fund Ourselves, founder Nadeem Siam commenting that this change of name has been made to eliminate confusion, and to project a clearer picture of what the company helps its customers to achieve. This rebrand has comes as the company prepares to scale up, having now moved into its new office in Waterloo, whilst still holding an office in Surrey.
The company logo has now been rebranded from the blue and white “Welendus” to a green, white and purple colour scheme, with the phrase “From the people to the people” placed just under the new “Fund Ourselves” name.
The company released its first product in March last year, which offered borrowers up to £500 interest-free if paid back within a 24-hour time frame (with no early repayment fees). These loans were primarily aimed at those with unexpected/emergency bills.
Siam has commented that his fintech start-up is wanting to re-define short-term lending, offering transparency with no hidden fees, and cheaper, more manageable rates for its borrowers. The founder’s motivation for Fund Ourselves is to offer borrowers affordable finance, now filling the gap from the wake of Wonga’s collapse.
Payday lender Wonga collapsed last year following an outpour of compensation claims. The lender was notorious for incredibly high interest rates, and was criticised numerously for this along with its apparent targeting of the vulnerable. Through both this flood of compensation claims and a clampdown in government regulations, Wonga went into administration.
Alongside Wonga’s collapse, the number of payday lenders has fallen by a considerable amount. Whilst the number of available payday lenders has fallen, the demand for short term finance is still a near 3 million people throughout the UK.
Fund Ourselves aims to meet the demands of those who use payday loans, offering loans of £50 to £500. The fintech start-up’s loans are currently cheaper than most average payday providers, and are below the 0.8% per day market price cap. The company also still offer their finance ISA, with returns of 5% – 15%.
With a fresh new brand and innovative financial products, Fund Ourselves becomes one of the latest names for innovation within the UK short term lending market; offering transparent and affordable finance to those who need it.