Image credits: Lendable
Lendable, a London-based AI-powered consumer finance platform, announced that it has secured £210M (approx €250M) in a funding round at a valuation of over £3.5B (approx €4.17B).
The round was led by the Ontario Teachers’ Pension Plan Board (Ontario Teachers’) through its Teachers’ Innovation Platform (TIP). TIP focuses on late-stage venture and growth equity investments in cutting-edge technology companies led by mission-driven entrepreneurs.
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Fund utilisation
Lendable says the new investment will allow it to develop new products and drive the company’s international growth.
Martin Kissinger, founder and CEO of Lendable, says, “We are excited to partner with TIP as we accelerate our expansion across products and markets. Our DNA from day one has been to bring transparency and fairness to consumer finance, and we are proud of the fantastic feedback we consistently receive from our customers. TIP is a global growth investor with a long-term view who can support our ambition to make this giant market work better.”
Lendable: What you need to know
Founded by Jakob Schwarz, Martin Kissinger, Paul Pamment, and Victoria van Lennep in 2014, Lendable aims to make borrowing money effortless through technology.
The UK company utilises AI and automation to enhance underwriting and offer customers better rates, transparency and service. Its proprietary technology platform connects global institutional investors with borrowers across all products – loans, credit cards, or car finance.
Users also get a live rate instantly, where they can change loan amount or duration to suit their budget. In addition, users can manage loans online, including early repayments (without incurring a fee), or topping up the loan.
Currently, the platform offers loans between £1,000 – £25,000 with terms ranging from 1-5 years.
Lendable says, “When you take out a loan with Lendable, a non-refundable loan fee is added to the loan amount. You do not pay this fee upfront, it is paid via the monthly instalments, which are set out in the Terms of the Loan Agreement. The loan fee and interest due on this fee is taken into account in calculating the Annual Percentage Rate (APR).”
Lendable is registered with the UK Financial Conduct Authority and relevant fraud prevention and data protection services.
Investor
Ontario Teachers’ Pension Plan Board (Ontario Teachers’) is the administrator of Canada’s largest single-profession pension plan with C$227.7B in net assets.
Olivia Steedman, Senior Managing Director, TIP, says, “Lendable’s seamless, quick and easy to use products, powered by advanced AI, are shaping the future of consumer finance. We’re delighted to work with Martin and his visionary team to deliver on Lendable’s growth ambitions.”
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