Consumer lending Fintech Selina Finance has finalized a £150 million Series B round that included equity and debt financing.
Selina Finance acquired $115 million in debt funding from Goldman Sachs and GGC and $35 million in equity financing led by Lightrock along with existing investors.
Founded back in 2019, Selina says it’s the United Kingdom’s first Home Equity Line of Credit (HELOC) Fintech. The firm enables homeowners to tap into the value in their properties by borrowing against their equity at affordable interest rates with a flexible line of credit and only paying for the funds they actually use.
Selina Finance notes that it had provided millions in lines of credit to clients as well as via trusted brokers and has reportedly made more than $100 million worth of loans via its HELOC product in the United Kingdom.
In July 2020, Selina closed a £42 million Series A round to expand its business operations. Up to £12 million was secured via equity an the other £30 million in debt financing to distribute as loans.
Selina Finance’s management further revealed that they intend to offer a card product in 2022 to put HELOC funds into consumers’ pockets and make the funds easier to spend.
Leonard Benning, Co-founder and COO at Selina Finance, stated:
“European consumers are structurally under-served and homeowners cannot access their wealth in an affordable or flexible way with existing products. UK consumers are always early adopters of new finance products and we are confident that UK consumers will see the benefits of HELOCs and adopt them too.”
Hubert Fenwick – Co-founder and CEO at Selina noted that he expects demand for HELOCs to rise in the UK in the coming years.
As covered in July 2020, London-based Selina Finance, an online lender that provides secured home equity loans at competitive rates, had secured £42 million in capital through a Series A funding round.
The funding reportedly included £12 million in equity from Picus Capital and Global Founders Capital and £30 million in debt financing.
Selina Finance’s management noted at that time that the funds raised would be used to support its ongoing growth and expansion plans. The company has said in July 2020 that it would be investing in new technologies as it gets ready to enter the consumer lending business at some point that year.
