Lendable, an AI-enhanced consumer finance platform, has announced a £210 million funding round at a valuation “in excess of £3.5 billion.”
The round has reportedly been led by the Ontario Teachers’ Pension Plan Board (Ontario Teachers’), through its Teachers’ Innovation Platform (TIP). TIP focuses on late-stage venture and growth equity investments “in cutting-edge technology companies led by mission-driven entrepreneurs.”
Lendable was founded in 2014 “with the vision to use technology to make consumer finance work better for hundreds of millions of customers.”
Lendable applies AI and automation “to enhance underwriting, and offer customers better rates, transparency and service, while offering institutional investors ranging from global banks to family offices access to the asset class.”
Consumer credit volumes in the UK and US alone “are significant, with an addressable market of close to $3 trillion.” The new investment from TIP will “support Lendable in developing new products and drive the company’s ambitions for international growth.”
Martin Kissinger, founder and CEO of Lendable, said:
“We are excited to partner with TIP as we accelerate our expansion across products and markets. Our DNA from day one has been to bring transparency and fairness to consumer finance, and we are proud of the fantastic feedback we consistently receive from our customers. TIP is a global growth investor with a long-term view who can support our ambition to make this giant market work better.”
Olivia Steedman, Senior MD at TIP: remarked:
“Lendable’s seamless, quick and easy to use products, powered by advanced AI, are shaping the future of consumer finance. We’re delighted to work with Martin and his visionary team to deliver on Lendable’s growth ambitions.”
As covered, Lendable is an AI-powered consumer finance platform “with a mission to make consumer finance more transparent, fair and efficient.”
Its proprietary technology platform “connects global institutional investors with borrowers across all major products (loans, credit cards, car finance).” With head offices in London, Lendable was founded in 2014.
As noted in a release, Ontario Teachers’ Pension Plan Board (Ontario Teachers’) is “the administrator of Canada’s largest single-profession pension plan, with C$227.7 billion in net assets (all figures at June 30, 2021 unless noted).”
It “holds a diverse global portfolio of assets, approximately 80% of which is managed in-house, and has earned an annual total-fund net return of 9.6% since the plan’s founding in 1990.”
Ontario Teachers’ is “an independent organization headquartered in Toronto.”
Its Asia-Pacific region offices are “located in Hong Kong and Singapore, and its Europe, MENA region office is in London.”
The defined-benefit plan, which is fully funded as at January 1, 2021, “invests and administers the pensions of the province of Ontario’s 331,000 active and retired teachers.”
