Crowdfunding start-up targets local SMEs

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LLOYD Crowdfunding, a start-up in the Reserve Bank of Zimbabwe’s fintech regulatory sandbox, has made a bid to assist small businesses in sourcing capital.
Crowdfunding is the practice of funding a project or venture by raising money from a large number of people, typically via the Internet. According to the Cambridge Centre for Alternative Finance, close to US$50 billion is raised worldwide, on average, through crowdfunding.

This start-up, a Lloyd Corporate Capital subsidiary, was licensed by the central bank earlier this month as the country’s first official crowdfunding platform.