Squirrel Group, an alternative finance platform consisting of Squirrel Money, Squirrel Mortgages, Squirrel Money Services and TenanSee has successfully secured $3 million during its funding round on Snowball Effect.
As previously reported, Squirrel Mortgages is considered one of the largest mortgage brokers in New Zealand with expectations for the platform to facilitate $1 billion in mortgages for the fiscal year ending in March of 2017. It is said to have generated $548,000 of EBITDA in 2014, last year that number hit $605,000. The company is forecasting operating earnings of $1.6 million for the 2016 March financial year. Squirrel Group’s peer-to-peer lending portal, Squirrel Money, which was launched last November, has already originated $1.7 million in loans and is expected to generate a million dollar loss for this fiscal year.