UK Digital Lender Selena Finance Secures £42 Million in Funding via Equity and Debt Financing

London-based Selina Finance, an online lender that provides secured home equity loans at competitive rates, has secured £42 million in capital through a Series A funding round.

The funding reportedly includes £12 million in equity from Picus Capital and Global Founders Capital and £30 million in debt financing.

Selina Finance’s management noted that the funds raised will be used to support its ongoing growth and expansion plans. The company will be investing in new technologies as it gets ready to enter the consumer lending business at some point this year. However, these plans are subject to regulatory approval.

Selina Finance said that the debt lines will be used to offer support to more SMEs and consumers in the UK may also receive assistance, after the company obtains regulatory approval.

Established last year by Andrea Olivari, Hubert Fenwick and Leonard Benning, Selina Finance provides credit facilities of up to £1 million, which lets small businesses and consumers take out loans against the equity they maintain in their homes or other investment properties.

Selina Finance noted that the solution does not require any special setup process. It also gives borrowers the option to draw and repay funds whenever they decide to do so, and also make interest payments on outstanding loans.

Selina Finance’s credit facilities have reportedly been secured against physical property, which means that clients are able to borrow larger amounts (as much as £1 million) at affordable rates (beginning at 4.95% APR) against unsecured loans.

Selina Finance currently works with over 200 commercial finance and mortgage distribution partners based in the United Kingdom. The company intends to offer its product to customers in the UK later this year.

Fenwick remarked:

“Homeowners deserve to be able to unlock the value tied up in the home they’ve worked so hard for, both at an affordable price and in a flexible manner. We want to help people tap into their real estate wealth whenever they need to borrow funds, by making the whole process, from application to funding, as seamless and as fast as possible.”

Sponsored Links by DQ Promote


 

You may also like...

Send this to a friend