Automated loans company Lendable has raised £210m in its latest funding round, giving it a fresh valuation of £3.5bn.
The London-based company said it will use the fresh capital to develop new products and drive international growth.
Ontario Teachers’ Pension Plan Board led the funding round through its Teachers’ Innovation Platform (TIP). TIP invests in late-stage venture and growth equity investments in technology.
Lendable is a money borrowing service that gives loans out within hours. It uses AI and automation to improve underwriting and claims to give customers better rates. It also connects global institutional investors to borrowers across financial products.
“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,” said Martin Kissinger, founder and CEO of Lendable.
Lendable was founded in 2014 by Victoria van Lennep, Martin Kissinger, Jakob Schwarz and Paul Pamment. It reached unicorn status – a valuation of more than $1bn – last year and Lendable has raised a total of $1.3bn.
Ontario Teachers’ is Canada’s largest single-profession pension plan, managing $227.7bn in assets. Ontario Teachers has previously invested in UK tech businesses including London-based talent acquisition platform Beamery, Bristol-based semiconductor company Graphcore and financial crime detection software Comply Advantage.
Olivia Steedman, senior managing director, TIP: said: “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.”
Its funding round follows a bumper year for UK fintech investment, with companies raising $11.6bn in capital.