Monday 17 December 2018 12:05 am

Top business leaders back UK-based P2P property lending site in £10m financing round

Publicis Group boss Maurice Lévy and Citigroup Global Markets chairman Cyrus Ardalan are among the investors who have contributed to a £10m funding round for a peer-to-peer property lending platform.

The UK-based BLEND Network also drew investment from Jean-Phillipe Blochet, co-founder of macro hedge fund Brevan Howard, during a late-seed financing round last week.

Each of the investors has also committed to lend on the peer-to-peer website.

“BLEND Network takes peer-to-peer lending to a new level, providing investors with a highly transparent and innovative platform,” said Ardalan.

BLEND Network, which looks to “democratise investing” by allowing private and institutional lenders to co-invest in property-secured loans, will use the funding to accelerate its development “with the aim of establishing itself as the number one peer-to-peer lending platform”.

“We are thrilled to have a strong core group of investors who have each been highly successful individually and believe in our product offering,” said Roxana Mohammadian-Molina, BLEND Network's CSO.

Yann Murciano, the company's chief executive, added: “This year, we have proven the model. Next year, it’s all about scaling it while maintaining the high level of enhanced due diligence for which we pride ourselves.”

BLEND Network claims it offers lenders an average return of 12 per cent each year on minimum investments of £1,000.

In autumn this year, the peer-to-peer lending platform Funding Circle raised £300m when it opened for trading on the London Stock Exchange.