Lendable, a London-based fintech lender, has started its first Luxembourg-based fund, according to trade press reports.
Credit Suisse will provide up to £225m in financing for the fund, Financial News reported on 21 August.
“The fund, aimed at professional investors, will primarily invest in consumer loans originated by Lendable” in the UK, wrote Altfi. Lendable hopes to lend £150m “by early next year” year and £350m by the end of 2020, Altfi reported.
The fund is open to Mifid professional investors, Rory McHugh, Lendable’s chief capital officer, stated on his Linkedin page. Altfi said the minimum investment was £2m.
According to the business information site Crunchbase, Lendable has raised £1bn in funding, including £200bn in its latest round, its fifth, which was led by Goldman Sachs Private Capital. Lendable was founded in 2014 as a peer-to-peer lending platform.