PEER-TO-PEER development loans platform Blend Network has secured £10m of funding from private investors.
The late-seed round of financing was backed by investors including Cyrus Ardalan, former vice chair of Barclays and current chair of OakNorth Bank and Citigroup Global Markets, the family office of Publicis Group chairman Maurice Levy and Jean-Phillipe Blochet, co-founder of hedge fund Brevan Howard.
The London-based firm said on Monday that the oversubscribed funding round comprises a combination of equity, to scale up the business, and commitments to lend via the platform.
Yann Murciano, chief executive of Blend Network, said the investment will help the platform expand its deal underwriting and marketing efforts, as well as broaden product development.
“We are very excited to get the support from such high-profile investors,” Murciano said.
“Each of our new investors brings a lot of experience to the table. Furthermore, they are all lenders on our deals, which we believe is the right thing to do in order to ensure that we maintain the quality of the deals on our platform.
“This year, we have proven the model. Next year, it’s all about scaling it while maintaining the high level of enhanced due diligence for which we pride ourselves.”
Blend Network investors can earn 12 per cent on average and invest in property from £1,000.
Read more: A guide to P2P property investments