Summary of a post.
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.
- Summary of a post.
- Summary of a post.
- Summary of a post.
In line with our risk management framework, today we published our Q4 2019 performance update.
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
Featured
Wednesday’s Budget speech, coupled with the cut to Bank of England rates, represented a decisive response to the coronavirus. Here we analyse the impact it will have on mitigating disruption from Covid-19, along with the long-term implications of this significant fiscal stimulus.
Rumblings from the Treasury ahead of next week's Budget suggest tax grabs will be needed to fund increased spending, and it appears UK enterprise could be in the firing line. Here we articulate why targeting entrepreneurs and small business is ill advised.
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.
Most popular
- Summary of a post.
The 2019-20 ISA season has been a damp squib, with banks disinterested in attracting savers’ cash, rates cut, and the stock market in freefall. However, the emergence of the IFISA means alternatives beckon for those seeking a stable middle ground in terms of risk and reward.
In a decade of slow recovery, the rapid rise in asset prices has been the standout. But how sustainable has price growth been, and could we be in the midst of a bubble?
- Summary of a post.
Most people consider income tax to be a given, but in the UK it is barely two centuries old. In this article, we look at how this tax has developed over the years, and also why it is set to remain at the core of our tax system for many decades to come.
Open banking celebrated its second birthday last month, but has the ‘revolution for financial services’ that was promised actually come to pass? In this article, we look at the progress the initiative has made so far, and what the future holds in the face of high levels of scepticism.
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.