Leading property finance platform LendInvest is expected list shares at a £300 million valuation in an initial public offering (IPO) in the coming days.
LendInvest is a profitable Fintech that has engendered a solid niche in providing short-term financing for UK property. There have been rumblings for years now that LendInvest was considering an IPO. In 2019, it was reported that LendInvest was lining up investment banks for a public offering. That prediction did not come to pass for whatever reasons but clearly, a public offering was in the cards at some point in the future. During the past weekend, SkyNews reported that LendInvest will float its shares on an exchange at some point this week.
Founded by Christian Faes and Ian Thomas, LendInvest benefited by having analog experience in a market ripe for digital innovation. Since its launch in 2008 (the online portion launched in 2013), LendInvest has originated over £3 billion in mortgages having engaged with a growing number of institutions to fund these loans.
In January 2020, Faes stepped back from the CEO role selecting Rod Lockhart to helm the firm. In March, Lockhart reflected on a challenging year as COVID hammered all aspects of the economy. Lockhart said that their digital-first approach enabled them to seamlessly transition to a work-from-home office. Rodhart said this transition was the right approach as LendInvest experienced a “record breaking Q3 for signed bridging applications,” and their highest quarter to date with record-breaking levels of buy to let applications during Q4. LendInvest was also approved as an accredited CBILS lender.
The IPO will be closely watched by the Fintech community as a barometer for the online lending industry – specifically for the Proptech sector. It will be interesting to see how LendInvest leverages any additional capital and whether it all add more features for the UK market or will it consider expanding its services into the European Union.