The British Business Bank (BBB) became a minority shareholder in JustUs last month, in a transaction which values the peer-to-peer lending platform at £50m.
The government-owned BBB joined JustUs on 20 December 2021, following an orderly debt-to-equity conversion agreement – completed in March 2021 – which raised £1.3m for JustUs under the government’s future fund scheme.
The transaction values JustUs at £50m, and further shares will be available for subscription through a forthcoming equity raise on Seedrs and Republic.
Shares will be made available for £30.75 to UK investors, €36.77 for European investors and $41.68 for US/rest of the world investors.
Read more: Why P2P lending is outpacing bank lending
The future fund was established to support the UK’s innovative businesses affected by Covid-19. It provided UK-based companies with convertible loans, on the condition that third-party investors at least match the government’s commitment. These convertible loans were designed to convert into equity at the next equity funding round.
JustUs’ future fund application was led by its existing investors at Manchester Venture Partners. The scheme also permitted existing and new Crowdcube investors to co-invest on the same terms.
“It’s set to be an exciting 2022 for JustUs and we wish you a healthy and prosperous year ahead,” said Lee Birkett, chief executive of JustUs.
Read more: What does the future hold for P2P lending?