LENDY co-founder Liam Brooke and former chief operating officer Robert Kelly have launched a separate company to enable firms to provide wage advances to employees.
Companies House documents show Brooke and Kelly, whose current role at Lendy remains a mystery, set up a firm called Copious Capital in July 2018.
“Copious Capital takes a fresh approach to finance, looking for new and ethical alternatives to traditional models that will give people easier, more affordable access to money,” the firm said on its website.
“Set up a by a team with a strong track record in leading innovative finance businesses, the organisation is developing and funding a number of new finance brands.”
Copious Capital’s launch product is Pay Me Today, described as an “antidote to payday lending,” which lets companies approve and arrange salary advances for staff who need access to money before payday.
Lendy’s operations manager Pamela Guillamón owns between 25 per cent and 50 per cent of Pay Me Today, according to Companies House documents.
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Pay Me Today was based at the same offices as Lendy in Portsmouth until February 2019 when the firm relocated to Southampton.
Lendy is listed among four of Pay Me Today’s clients.
The peer-to-peer property lender has been plagued by rising levels of arrears on its platform.
Furthermore, a borrower has threatened to sue both the platform and its investors for £10m, claiming Lendy unfairly put £8.2m worth of loans into default.
The claim – which was triggered by Lendy beginning recovery proceedings against the borrower – has been described by the platform as “vexatious” and with “little prospect of victory.”