£3m investment for consumer peer-to-peer lender Lending Works
NVM Private Equity has backed the two year-old start-up as it seeks to become the largest platform of its kind in the UK
Founded in 2014, Lending Works matches lenders with personal loan borrowers and aims to “pioneer fair financial services that people love” by offering insurance against fraud, borrower default, and cyber crime.
The London-based company claims to be the third largest consumer P2P lender in the UK and has ambitions to become the largest overall.
The start-up has said the funding will “prove instrumental” in helping it to launch an ‘Innovative Finance’ ISA in the coming months and other new loan products, with a target to achieve 200% year-on-year loan growth across 2016 and 207.
It will also invest some of the funding into making new hires as well as building new partnerships to grow the business.
Lending Works CEO, Nick Harding, said of the news: ” NVM Private Equity […] bring significant experience in key areas including business scalability, risk and business development and we consider their backing to be a ringing endorsement of our rapid progress as a company.
“Needless to say, it sets the foundations for continued growth which will be well supplemented – and driven – by this new investment.”