LENDABLE has struck a £200m deal with Goldman Sachs that will see the bank commit to funding loans originated by the peer-to-peer lender.
The investment will come from a division of the US investment bank called Goldman Sachs Private Capital, according to an announcement by Lendable’s chief capital officer, Rory McHugh, on LinkedIn.
London-based Lendable uses automated underwriting technology to offer instant decisions on consumer loans. McHugh was hired in March 2018 with a mandate to spearhead efforts to raise capital.
Goldman’s investment comes on the heels of Lendable raising £500m from Waterfall Asset Management, NatWest Markets, and Varadero European Special Opportunities in June, McHugh said in a separate post.
The lender also raised £300m in an institutional funding deal with Castle Trust Capital in 2017.
This latest commitment brings the company’s institutional investments to just under £1bn within a two-year period.
Read more: Lendable hits £100m lending landmark
Lendable offers P2P loans OF up to £20,000 with interest rates of between 7.5 per cent and 49.9 per cent.
The average size of a loan issued through the platform is approximately £5,000 with interest in the “mid-teens” over a 43-month repayment term.