BNP Paribas to provide £200m financing to UK consumer lender Fluro
UK-based consumer lender Fluro (formerly known as Lending Works) has announced a £200 million financing partnership with European banking group BNP Paribas.
Established in 2014, the company was acquired by private equity firm Intriva Capital in 2020 and has been freshly rebranded as Fluro.
Over the last two years it has evolved to become an institutionally funded lender, the company says. The facility by BNP Paribas will allow it to “significantly expand its balance sheet”, it adds.
Fluro employs 75 people based at its London HQ, led by CEO and co-founder Nicholas Harding.
The firm describes itself as a “tech-led business” and “one of the UK’s most innovative embedded lenders”, offering unsecured personal loans to prime and near-prime consumers through partners such as price comparison sites.
It also claims to have pioneered “real rates, real eligibility” – providing customers with instant decisions and transparency on rates, as opposed to the incumbent representative annual percentage rate (APR) approach.
“Building on our eight years of experience, we are taking the next leap forward to creating the UK’s premier consumer lending proposition,” comments chief operating officer Jonathan Kramer (COO). “In these uncertain economic times, Fluro has both the experience and funding to prudently grow lending to UK consumers.”
Simon Jones, head of securitised products at BNP Paribas, says this securitisation “underscores the strength of Fluro’s platform”.