LENDABLE has set up a fund with Credit Suisse to invest in consumer loans via its platform and other finance providers.
The Luxembourg-based credit opportunities fund has raised capital from 10 investors across seven geographies for a three-year investment period and will initially provide £225m of funding.
The first commitments will be worth £150m by early next year, with plans to raise £350m by the end of 2020.
The fund is open to professional investors, with a minimum of £2m.
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“We’re delighted to launch our first fund and announce the new partnership with Credit Suisse,”Rory McHugh, chief capital officer at Lendable, said.
“This fund lets professional investors access the same investment opportunity currently available only to the largest institutional investors.
“We also look forward to meeting with other fintech and consumer credit platforms seeking debt finance as we grow the asset management side of this business.”
It follows a £200m funding deal agreed with Goldman Sachs by the P2P lender last month.
Lendable has also previously raised £500m from Waterfall Asset Management, NatWest Markets, and the Varadero European Special Opportunities and £300m in an institutional funding deal with Castle Trust Capital in 2017.