THE FIRST UK finance provider has joined European lending marketplace Mintos.
1pm is an Aim-listed alternative finance provider that lends to UK small- and medium-sized enterprises through its subsidiary companies. It offers a range of business finance solutions including asset finance, hire purchase, commercial loans, invoice finance and factoring.
Latvia-headquartered Mintos enables people and institutions to invest in loans originated by a variety of alternative lending companies from around the world.
Mintos investors can now lend to British businesses through 1pm and receive annual returns of up to 11 per cent.
“The United Kingdom has one of the largest alternative finance markets in the world,” said Martins Sulte, chief executive and co-founder of Mintos.
“We are very excited to have expanded Mintos into this geography by launching 1pm on the marketplace. The company is a great addition and offers investors on Mintos a new geography and further opportunities in GBP investments. We look forward to this partnership with 1pm and to seeing further partnerships arise in this market.”
1pm joins 35 other loan originators on Mintos’ marketplace from 22 countries. 50,437 investors have registered on Mintos, who have collectively funded €531.6m (£469.2m) of loans.
“An important part of our strategic growth plan is to harness the benefits of financial technology,” said Ian Smith, chief executive of 1pm.
“By joining the Mintos marketplace, we will now be able to accelerate our loans business origination and to access retail global investors efficiently, a funding source that would be unavailable to us without this digital capability.”