Peer-to-peer lending platform Plend has secured a funding line from German establishment Varengold Financial institution, Peer2Peer Finance Information can completely reveal.
Whereas the general worth of the deal has but to be introduced, it’s understood to be an eight-figure quantity.
In response to paperwork filed with Corporations Home, Plend registered a brand new cost in opposition to the corporate on 27 July 2023, with Varengold named because the creditor. Beneath the phrases of the deal, Varengold will take a primary floating cost in opposition to the corporate as collateral in opposition to the mortgage. This extends to Plend’s sister corporations, insurance coverage insurance policies and belongings.
The deal was licensed by the legislation agency Osborne Clarke.
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Varengold Financial institution has backed quite a lot of P2P lenders and various lending platforms lately, together with EstateGuru, Assetz Capital, MarketFinance and LendInvest.
Nonetheless, the institutional investor has been the topic of quite a lot of unfavourable headlines this yr, after it emerged that the German Federal Monetary Supervisory Authority is investigating the financial institution’s cost transaction enterprise in its industrial banking division, as a result of attainable compliance violations.
Learn extra: Unique interview with Plend’s Nathan Spiteri
In the meantime, Plend has been in development mode over the 12 months, inking quite a lot of new partnerships and funding offers because it goals to develop into a number one client lending platform, with a mission to finish monetary exclusion.
In November 2022, Plend secured a £40m funding from a sequence of recent and present buyers. Buyers included Leon and Soho Home backers Lively Companions, in addition to Velocity Juice, Sivo and the founders from Monzo, Starling Financial institution and Oodle Automobile Finance, alongside present pre-seed buyers Ascension, Tomahawk Enterprise Capital, DD Enterprise Capital and Haatch.
Learn extra: Varengold hits out at “grossly deceptive media protection” amid compliance probe
Plend has been contacted for remark.
