Lendable Raises $670 Million to Fuel Personal Lending Expansion

U.K. digital lender Lendable finalized a deal Thursday (July 9) in which it will raise 500 million pounds (about $670 million) to support its effort to push further into lending, Bloomberg reported Thursday, citing unnamed sources.

In the deal, Lendable will sell securities backed by a portfolio of unsecured consumer loans to private individuals in the U.K., according to the report.

The company said that it is the top issuer of personal loans in the U.K. and that it has originated more than 10 billion pounds (about $13.4 billion) in consumer credit assets since its launch about 10 years ago, per the report.

Lendable did not immediately reply to PYMNTS’ request for comment.

According to the company’s website, Lendable was founded in 2014 and operates a platform that enables users to apply for and manage a loan online, with no need to deal with paper-based applications, lines in a bank branch or time spent on customer service hotlines.

It was reported in May that Lendable is planning a U.S. expansion after doubling its profits in 2025 by providing more new personal loans than any other bank in the U.K.

Lendable saw its profits jump 120% last year to $155 million, saw its revenues leap 90% to $608 million, and issued the second-largest number of new credit cards in addition to the largest number of consumer credit loans, according to the report.

Lendable Co-Founder Martin Kissinger told the Financial Times in May: “There are millions of people who use credit and most of that is done by big banks, and they do not do as good of a job as can be done. So we set out to build a tech company that would do it better.”

When Lendable raised $275 million in a March 2022 funding round that valued it at $4.5 billion, the company said it aimed to develop new products and fuel its international growth.

Kissinger said at the time in a press release: “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.”