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Lending Works set to receive significant growth capital
Lending Works today announces that Intriva Capital, an independent alternative investment manager focused on credit businesses, will make a significant investment in the business.
The deal sees Intriva acquire 100% of the equity in Lending Works, subject to regulatory approval. Intriva has further committed to providing significant additional funding and capital to support the growth of the business following completion, which will result in a very exciting few years of expansion for the team and the business.
Headquartered in London, Lending Works is the UK’s leading disrupter in providing consumer credit through partnerships. Launched in 2014, Lending Works has grown to become one of the largest alternative lenders in the UK having lent almost £250m to loan customers.
Nicholas Harding, founder and chief executive officer of Lending Works, will continue to lead the business, alongside the existing management team. The intention is for some of Intriva’s team, including Simon Finn, Intriva Capital's Managing Partner, to join Lending Works’ board as non-executive directors.
Nicholas said: “We are delighted to welcome the team at Intriva Capital as partners and colleagues, supporting Lending Works as it continues on the next exciting stage of its growth. We set up the business six years ago in very different economic times, but demand for our proposition in the future will be stronger than ever. Intriva’s investment and expertise allow us to do this while enabling us to continue to innovate. This will ultimately help us to realise our ambition of becoming the market leader.”
Commenting on the acquisition, Simon Finn said: “Under the leadership of founder Nick Harding, Lending Works has become one of the UK’s most successful challenger consumer credit businesses operating in the UK today. With a diversified funding base, the company is now in a position to realise the historical investment in the platform by continuing to offer great products, supported by market-leading technology and underwriting capabilities – so critical in the market conditions of today. The Intriva team has extensive operational experience managing and growing consumer lending businesses in the UK and across Europe. We will work in close partnership with Nick and his team, helping to expand the successful existing operations, while venturing into new areas and products where we collectively believe there are opportunities.”
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