German p2p lending service Auxmoney completed a 16M US$ series B round, financed by Foundation Capital, joined by Partech Ventures and Scott Bommer, alongside existing backers Index Ventures and Union Square Venture. Index Ventures and Union Squre Ventures already invested in the Series A in the end of 2012.
Auxmoney was founded in 2007, and has originated 94.4 million EUR in p2p loans since.
The proceeds will be used for auxmoneyâ€™s ambitious expansion plans, by further enhancing the DÃ¼sseldorf-based lending and investment platform and expanding the companyâ€™s 60-strong team.
auxmoney CEO and co-founder Raffael Johnen said the investment marked a tipping-point for peer-to-peer lending in Germany, with the market set to go mainstream. â€œWe are about to witness a major shift in consumer behaviour towards peer-to-peer loans. As clear market leader in Germany, auxmoney is right at the forefront of this development,â€ he said. â€œWith our new partners on board, we are ready to turn crowdlending into an integral and mainstream element of Germanyâ€™s consumer finance landscape.â€