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TODAY'S OTHER NEWS

Former Wonga exec sets up London property crowdfunding platform

Another crowdfunding platform has launched, encouraging investors to buy a share in a property - in this case, a prime London house with shares as small as £1,000.

CapitalRise says it charges no fees and “gives direct access to some of the finest real estate.”

Chief executive Uma Rajah - a former Wonga executive - says “real estate has historically been one of the best performing asset classes to invest in but the higher grades of investment were previously only on offer to institutions or high net worth investors.”

CapitalRise was thought up by Alex Michelin and Andrew Dunn, directors and founders of high end developer Finchatton since 2001.

CapitalRise’s first investment project is to raise £1m for the refurbishment of a 2,400 square foot three-bedroom apartment in prime London’s Eaton Square. Other development projects will follow with each chosen by the site’s founding team.

“Every investment opportunity placed on the platform will have personal money invested in it by myself and Alex too,” says Dunn.

“We want to enjoy and share in these high rates of return, and show other potential investors how confident we are in the opportunities we have selected.”

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