THE FOUNDER of a venture capital fund that has invested in Landbay has been named as a director of the peer-to-peer property lender.
Michael Baptista, who has invested in Landbay through his Assembly Capital Partners fund, has been appointed as a non-executive director of the platform.
John Goodall, chief executive of Landbay, said Baptista has played a “significant role in the evolution of Landbay” and joined its advisory board three years ago.
“We were delighted when Assembly Capital Partners decided to make an investment earlier in the year and we invited Michael to become a non-executive director,” Goodall said.
“He accepted and after receiving Financial Conduct Authority approval he joined the board.”
Read more: Landbay reaches £200m lending landmark
ACP was launched this year with the aim of investing in early-stage fintech firms.
It invested in Landbay in August, describing it as “a strong business model and on the cusp of rapid and profitable growth.”
“There is strong demand from investors for the loans Landbay originates and its digital product offering is highly attractive to mortgage brokers who intermediate most of the professional landlord buy-to-let segment,” ACP said.
“Landbay’s current growth rates should see it reach breakeven and move into profit during 2019. As the firm continues to take market share, future growth in origination volumes is projected at high levels even if the overall market slows.”
It has also invested in verification software provider Brismo and money transfer technology firm PayKii.
Read more: Landbay reaps rewards of BTL tax changes
Landbay, which specialises in buy-to-let mortgages, reached the £200m lending milestone earlier this month. Institutional investment over the past year has helped the platform scale up its lending.