£22m Series A round for P2P mortgage start-up LendInvest
Investment from Chinese tech firm Beijing Kunlun said to be largest round of its kind in a UK fintech company
LendInvest, a peer-to-peer (P2P) marketplace for mortgages, has secured £22m from Chinese technology company Beijing Kunlun – reported to be the largest Series A round of its kind in a UK financial technology (fintech) start-up.
Launched in May 2013 as a spin-out of mortgage lending business Montello, LendInvest has grown to become one of the world’s largest P2P real estate mortgage providers with over £300m mortgages financed through its site in the past two years.
The deal, subject to regulatory approval by the Chinese government, will see Beijing Kunlun CEO and billionaire Yahui Zhou join the company’s board of directors.
Announcing the news on its blog, LendInvest co-founders Christian Faes and Ian Thomas commented:
“To date, LendInvest has self-funded its growth, and in doing that we have built a good profitable business. However, we have taken this investment in our company to continue our growth and to allow us to consolidate our position as the leading peer-to-peer marketplace for mortgages; and to ensure that we make LendInvest the best company for all our users.”