Student lender Future Finance has raised £119m from fintech investors.
Investors in Future Finance Loan Corporation – which has loaned nearly £25m to students since May 2014 – include QED Investors, Blackstone Strategic Opportunity Fund and Colchis Capital. The new investment takes the company's total funds to £185m.
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Of the total new investment, around £100m will go towards lending capital, supplementing the company's existing credit facility with Goldman Sachs
Announcing the investment, Future Finance revealed it has so far received more than 37,000 applications and reports loan growth of more than 900 per cent year on year.
The company has 33 partnerships with universities across the UK and recently started lending in Germany as part of its bid for European expansion.
Chief executive Brian Norton said the support of high-growth fintech companies will be “invaluable” as the company seeks to expand with new products and in new areas.
He added: “We are excited about this significant investment from a world-class set of investors, which will enable many more students in the UK to access higher education and invest in their future careers.
"Our investors share our view that students with the motivation and the potential to succeed should not be denied a productive education."
Future Finance offers undergraduate and postgraduate students loan periods of ten years after graduation. Borrowers can settle early to reduce interest with no early repayment charges, the company said.