LENDING Works has received £2.8m of private equity funding.
The capital raise was led by UK private equity house Maven Capital Partners, with £800,000 of backing from Pollen Street Capital and NVM Private Equity.
The proceeds will be used to fund growth through further investment in sales and marketing and in the company’s strategic partnership channels. Lending Works said.
“We are delighted to lead the investment in Lending Works, which has grown to become one of the leading P2P lenders in the UK,” Melanie Goward, investment director at Maven, said.
“The firm has developed a reputation in the market of being a responsible and ethical P2P market leader, which is evidenced by it being the first major platform to have been fully authorised by the FCA and the first to have negotiated insurance cover which provides lenders with protection against borrower defaults.
“The experienced management team has a clear and executable strategy and we look forward to helping them deliver this in the coming years.”
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Nick Harding (pictured), chief executive at Lending Works, said the P2P consumer lending platform’s loanbook was now at £115m, 27 per cent of which was lent in the first half of 2018.
“We are very pleased to have secured this investment from Maven, NVM and Pollen Capital,” he said.
“We have very ambitious plans to both dramatically improve the consumer credit market for customers and build a business that funds billions of pounds of loans per year.
“This investment will enable us to continue on that journey. The team at Maven immediately understood our business model and is hugely supportive of our growth strategy. We look forward to working with them to take the business from strength to strength.”
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