Details of the Snowball Effect capital raising round won’t be made public but Squirrel’s client base was emailed about the offer and those who registered their interest have been sent offer documents.
When they registered, they were asked how much they were interested in investing.
Bolton said the documents had been meant to go on Friday but were sent today instead.
Interested clients had indicated they were willing to invest $4m, he said. “But at the end of the day it’s just a registration of interest. Until they see the offer document we won’t know what they think of it.”
The company wants to raise $2m to cover restructuring and offer costs, the development of a new online mortgage application process, a Squirrel Money app, and seeding the Squirrel Money reserve fund, which protects investors from defaults.
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