UK consumer finance platform Lendable receives £210m funding to reach £3.5bn valuation
London-based consumer lending platform Lendable has raised £210 million in a funding round led by the Ontario Teachers’ Pension Plan Board, through its Teachers’ Innovation Platform (TIP).
The new cash injection takes the company’s valuation up to around £3.5 billion.
Founded in 2014, Lendable’s artificial intelligence (AI) powered platform connects global institutional investors with borrowers across all major products, including loans, credit cards and car finance.
The company claims to approve a new customer every 30 seconds and says its mission is “to make consumer finance more transparent, fair and efficient”. It is authorised and regulated by the UK’s Financial Conduct Authority (FCA).
Lendable says the new funds will be used to develop new products and “drive the company’s ambitions for international growth”.
Headquartered in Toronto, Ontario Teachers’ is an independent pension fund company and one of the world’s largest institutional investors. It currently has around £137 billion (CAD 228 billion) in assets under management.
TIP focuses on late-stage venture and growth equity investments.