GLI, a UK based firm that is heavily invested in alternative finance, has invested in the first regulated peer to peer lending platform in Spain – MytripleA. According to a company release, GLI lead a € 1 Million funding round, kicking in € 445,500 for a 9.9% ownership stake in the young firm. GLI has also committed to source funding in the amount of € 10 million in loans. Additional investors have committed to fund € 4 million. GLI CEO Geoff Miller will be joining the board of directors of MyTripleAl.
Miller was quoted on the new investment;
“This investment is a perfect fit with our strategy of focusing on unique platforms which provide capital to SMEs. It also enables us to expand our portfolio into Spain, which we see as a particularly attractive market due to its rigorous risk controls and robust regulatory approach. We believe that, having obtained full approval from the Bank of Spain to operate a peer to peer platform, MytripleA is uniquely placed to originate loans in Spain with an excellent risk-adjusted return profile.”
MytripleA was founded in 2013 by Jorge Anton.