Consumer finance platform Lendable has raised $275 million in a funding round that valued the U.K. firm at $4.5 billion, the company said in a new release Thursday (March 10).
The round was led by the Ontario Teachers’ Pension Plan Board through its Teachers’ Innovation Platform (TIP), which focuses on late-stage venture and growth equity investments in technology companies.
The company says the investment from TIP will help Lendable develop new products and fuel the company’s plans for international growth.
“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,” said Lendable founder Martin Kissinger. “TIP is a global growth investor with a long-term view who can support our ambition to make this giant market work better.”
Founded in 2014, Lendable uses artificial intelligence (AI) and automation to enhance underwriting, and offer customers better rates, transparency and service. The company says it also offers “institutional investors ranging from global banks to family offices access to the asset class. Consumer credit volumes in the U.K. and U.S. alone are significant, with an addressable market of close to $3 trillion.”
In January, Lendable was among several investors in a $3.5 million seed funding round for the German cyber insurance firm Baobab.
Read more: African FinTech Finclusion Raises $20M for Enterprise Development
And last year, Lendable worked with Finclusion Group – which works across Africa with online monetary and credit score providers using AI methods – on a $20 million funding round.
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