Goji, the UK-based specialist direct lending investment manager and platform, secured an undisclosed multi-million pound funding round from investors including Anthemis’ Venture Fund 1 (AVF1) and AXA Strategic Ventures (ASV).
“Confidence in direct lending as an asset class is picking up pace and the investment Goji has received from Anthemis and AXA Strategic Ventures, both highly regarded industry players, is testament to this,” stated Goji CEO Jake Wombwell-Povey. “We believe we are in a perfect storm; equities are considered by many to be overvalued, traditional fixed income and cash are yielding well below inflation and investors need a new solution. Within this context Direct Lending can deliver positive investor outcomes in a fairer, more purpose-driven way.”
The funding will allow Goji to develop its platform and product pipeline, including the Diversified P2P Lending Bond. The round led by Anthemis, a leading global fintech investor which has backed companies including Betterment, and AXA Strategic Ventures, aims to set Goji as a pioneer for direct lending assets in the financial adviser market.
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“Anthemis is dedicated to reinventing financial services for the digital world by cultivating change and new business models. The development of new asset classes is an important part of this change and Goji personifies this vision by combining a strong technology platform with a clear focus on the Direct Lending sector,” indicated Anthemis Partner Yann Ranchere. “We are looking forward to supporting the Goji team as they continue to empower investors and financial intermediaries to access the Direct Lending sector which we believe has the potential to drive change in traditional investment markets.”
François Robinet, Managing Partner at AXA Strategic Ventures, added:
“We believe that the unique, integrated direct lending solutions provided by Goji will create real differentiation in the asset management industry and will contribute to position Direct Lending as a major asset class for investors. Goji’s platform, based on differential technology, allows intermediaries both to easily build and manage an alternative credit portfolio and to smoothly manage the back-office operations. In addition, the management team’s proven background in the fintech space is well placed to grow and scale the company.”
ASV manages $450m, of which $275m is dedicated for direct investments and $175m is dedicated for the Fund of Funds activity. ASV invests in enterprise software, fintech, consumer technologies and digital health, as well as other technologies relevant to insurance and asset management.
Founded in 2015 to empower financial intermediaries to access direct lending with the clarity and rigour they expect from traditional structured products, Goji aims to help the asset class reach fulfil its potential by accessing new investor markets. Launched in January 2017, Goji’s Diversified P2P Lending Bond Bond was reportedly the first in the UK to give investors access to a diversified portfolio of over 1,000 loans in an IFISA using Goji’s proprietary investment strategy. Alongside Goji’s platform, which provides a single point of access for advisers to direct lending products, the Bond allows advisers to access Direct Lending through a single vehicle. The Bond’s first 12 month results will be released at the end of January. Goji also manages and administers over £20m of Innovative Finance ISA assets through it’s platform for third party lending platforms. In March 2017, Goji launched the UK’s first diversified P2P lending bond to enable financial advisers to access a portfolio of over 1,000 different loans in a regulated, IFISA-eligible product.