Offer documents were emailed to those who registered interest late Friday morning. By the same time on Sunday, $1.45 million had been raised, 145% of the funding target.
The offer is not only to the public and has only been promoted to Squirrel clients and Snowball wholesale investors.
The money came from 33 investments.
The offer said $1m would represent 7.9% of the equity in the company.
It has an overfunding cap of $4.97m, or 17.9% but only a maximum $1.97m is available to retail investors.
Squirrel money founder John Bolton said the money would be used to grow the Squirrel mortgage broking business and develop the peer-to-peer platform Squirrel Money. It is predicted to be the last capital Squirrel raises before a sharemarket listing.
Bolton said Squirrel was likely to write over $1 billion of mortgages in the 2017 financial year increasing to $1.7 billion by 2019.
Squirrel Mortgages and Squirrel Money have consolidated pre-tax operating earnings of $605,000 for the financial year ended March 31, 2015 and forecast pre-tax operating earnings of $612,000 for the current financial year.
Squirrel Mortgages will have pre-tax operating earnings of $1.6m for the year ended 31 March 2016, which Bolton expects to increase to $5.7m in the financial year ending 31 March 2019.
Squirrel also operates TenanSee, cloud-based property management software for investors.
