Nexx – P2P lending for Kiwis – gets 600,000 NZ$ in funding

No, not talking about fruits or birds here. develops a p2p lending service in New Zealand. Nexx now succeeded in raising 600,000 NZ$ (approx 330.000 US$). Quite an achievement in the surrounding conditions of the credit crunch.

Nexx, an on-line social lending business being developed by four young entrepreneurs at business growth centre The ICEHOUSE, has raised $600,000 in funding from a group of angel investors including the ICE Angels, Venture Accelerator from Nelson and Sparkbox.

Nexx co-founder Ben Milsom says the funding will pay for development and promotion of the business which is currently awaiting regulatory approval. Milsom and his partners Glenn Riddell, James Wallace and Mark Catley expect to be able to launch their operation in early 2009.

The Nexx team started in 2007 and won the University of Auckland Business School’s Spark Entrepreneurship Challenge in September 2007. The prize was 20,000 NZ$ in seed funding and a nine-month tenancy in the Icehouse business incubator.
Ben Milsom, writes about the pre-launch process of Nexx at the Startup-Blog.

Nexx is developed based on an open-source ERP and accounting package Adempiere.

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