Lendable, a consumer lending platform, has announced a £100m investment by Waterfall Asset Management, a global credit investor.
As the name suggests, Lendable offers personal loans, with its niche centred on instant approvals online. Previous backers in the peer-to-peer lender include Passion Capital’s Eileen Burbidge and Robert Dighero.
The London-based tech firm has developed automated underwriting technology to offer instant decisions, and transparent rates on small consumer loans. Waterfall is investing £100m in loans made by Lendable through the platform alongside Lendable’s existing base of qualified investors. Martin Kissinger, founder of Lendable, said the deal was “a milestone".
“Partnering with a leading investor like Waterfall is an important milestone for our platform. Lendable uses technology to offer customers a frictionless borrowing experience, which incumbents currently fail to provide. This investment affirms our strong track record and operational excellence, and helps us reach the next level of scale.”
New York headquartered Waterfall's London-based managing director James Cuby, added: "We believe that the Lendable team has built an advanced technology platform and has adopted a rigorous approach to consumer lending."