Lending Works, a UK-based peer to peer lender, announced on Thursday it attracted £3 million during its Series A Investment Round. The website confirmed NVM Private Equity (NVM), an independently-owned private equity firm that specializes in SME investments typically between £2m and £10 million, invested £2 million in early June to complete the round following earlier investments from an existing institutional shareholder.
The lender reported NVM has invested in over 270 SMEs in the UK over the last three decades and currently manages over £300 million in private equity funds. Sharing details about the funding round, Nick Harding, founding CEO of Lending Works, stated:
“We’re delighted to announce the recent investment in our business by NVM Private Equity. 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 Lending Works. 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.”
Harding then added:
“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. 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 they can take great confidence from this investment round which ensures Lending Works has a robust balance sheet. They can also draw comfort from the fact that our company has undergone the rigorous due diligence process that an institutional investor mandates before making an investment, hence validating Lending Works’ 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.”
Meanwhile, Lending Works is making final preparations to launch its new Innovative Finance ISA (IFISA), along with confirming new partnerships, announcing key hires and introducing new loan products.
Have a crowdfunding offering you'd like to share? Submit an offering for consideration using our Submit a Tip form and we may share it on our site!