As a platform, we take great pride in all that we've achieved since opening our doors for business nearly six years ago. We’ve
Lending Works announces £3 million Series A investment round
We're very pleased to announce the conclusion of our Series A investment round, which has now raised its target of £3 million. This comprises a £2m contribution from NVM Private Equity (NVM) in early June 2016, which completed the round after earlier investments from an existing institutional shareholder.
The cash injection is another significant boost for Lending Works, given that we will soon be launching our Innovative Finance ISA (IFISA), in addition to confirming new partnerships, announcing key hires and introducing new loan products as part of our ambitious growth plans - plans which have already seen us become the UK’s third-largest consumer P2P lender despite only launching in January 2014.
“We’re delighted to announce the recent investment in our business by NVM Private Equity," commented Nick Harding, our founding CEO. "They 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. This latest investment comes at an exciting time for us too.
“We’re expecting to launch our new IFISA imminently, which will allow lenders to earn tax-free returns through our platform. Needless to say, it sets the foundations for continued growth which will be well supplemented - and driven - by this new investment.”
Growth and partnerships
NVM is an independently-owned private equity firm, specialising in SME investments typically between £2million to £10 million. Over the last three decades, it has invested in over 270 SMEs in the UK, and currently manages over £300 million in private equity funds.
The investment underpins the positive momentum for Lending Works, given that we launched a point-of-sale system for loans within the retail finance sector earlier this year. The expansion into retail finance is part of our strategy to focus on partnerships in order to grow the business and reach our lending target of £50 million during 2016.
“Our retail finance offering, coupled with successfully closing our Series A investment round is a show of intent on our part as we look to broaden our network with other partners," Nick added. "We see this as key to the exponential growth we are on track to achieve both in the short and medium-term, and we are looking forward to releasing some exciting new information regarding new loan products as a result of such agreements.
“Our customers come first at all times, and, as a lender, you can take great confidence from this investment round which ensures Lending Works has a robust balance sheet. You can also draw comfort from the fact that we've undergone the rigorous due diligence process that an institutional investor mandates before making an investment, hence validating our team, financials, compliance, software, systems and processes.
“Moreover, we plan to dedicate some of the capital from the latest investment round to further strengthening our team. Recruiting exceptional team members remains a key focus for us as we look to continue our journey in pioneering fair financial services that people love.”
Related articles:
- Brexit and Lending Works
- The latest on the Lending Works ISA
- Lending Works scoops treble glory at Moneywise Customer Service Awards
Get email updates for future blogs:
Our website offers information about saving, investing, tax and other financial matters, but not personal advice. If you're not sure whether peer-to-peer lending is right for you, please seek independent financial advice, and if you decide to invest with Lending Works, please read our Key Lender Information PDF first.
As with all investments, your capital is at risk.
Since opening our doors back in 2014, we’ve always prided ourselves on living and breathing two key principles at Lending Works: innovation, and putting the customer first in everything we do.
With the retail sector enduring its fair share of challenges, companies are looking at new ways to attract customers, and drive conversion. In an overcrowded, dog-eat-dog marketplace, with behemoths such as Amazon flexing their muscle, it’s easier said than done.
On 4 June 2019, the Financial Conduct Authority (FCA) released its new regulatory framework for peer-to-peer lending (P2P); a Policy Statement known as PS19/14. As you might imagine, it's a document which, following a three-month consultation, is a hefty read of no fewer than 102 pages.
When it comes to investing, there are numerous questions that need to be asked, and lots of things which need to be properly understood before committing your hard-earned money
Featured
In a difficult climate, customer acquisition and lead generation present stern challenges for UK retailers, and a great deal of marketing spend invariably gets directed towards getting feet through the door.
There is a variety of literature and research illustrating the importance of building brand loyalty, albeit with some degree of variance.
Over the last decade, there can be little dispute that the reputation of mainstream banks – and particularly the so-called ‘Big Four’ (HSBC, Barclays, Lloyds and RBS) – is at its lowest ebb.
The idea of peer-to-peer (P2P) lending is a simple one; you lend money to those who wish to borrow, with a view to receiving a great return for doing so.
The peer-to-peer (P2P) lending industry is now regulated by the Financial Conduct Authority (FCA). The regulatory framework has been designed to protect customers and promote effective competition.
Most popular
January tends to be a comedown following the Christmas festivities, and, from a personal finance perspective, a time for many Britons to lick their wounds. In particular, for those who’ve over-extended their credit card, it may feel like the walls have started to close in.
A new year, and indeed a new decade has dawned. Reflecting on 2019, what seemed to have got lost in the noise and political hysteria was the fact that the UK economy actually held up remarkably well.
As the good times rolled in the mid-2000s, only a precious few sounded the alarm as lending became increasingly reckless. Northern Rock's infamous 'Together' 125 per cent mortgage epitomised the rush for high loan-to-value (LTV) deals at a time when it was thought that house prices would just keep going up forever.
For those with an eye on the economy, 'GDP day' is always one to mark off in the calendar each month. And it's been a hot topic for the UK in 2019, with the latest update showing zero growth for the period from August to October.
One of the perceived strengths of the auto-enrolment pension scheme is its simplicity – indeed, it is actually a greater effort for an employee to opt-out of a workplace pension than it is to be enrolled into one. No further actions are required, and the retirement fund grows as the months and years pass by.
On Monday this week, a new FCA regulatory framework came into effect for peer-to-peer (P2P) lending in the UK, in line with June’s PS19/14 Policy Statement.
Recent
The Lending Works Shield does not give you a right to a payment so you may not receive a pay-out even if you suffer loss. The Lending Works Trustee has absolute discretion as to the amount that may be paid, including making no payment at all. Therefore, investors should not rely on possible pay-outs from the Lending Works Shield when considering whether or how much to invest. For more information click here.