Funding Empire, the P2P platform for SME business finance, has sold a majority stake to Paratus AMC, the Bracknell based residential mortgage servicer and lender.
Funding Empire will continue to be headquartered in Cardiff and is currently Wales’ only P2P lending platform.
Commenting on the deal, Parag Patel MD of Funding Empire: ‘We are delighted to welcome Paratus AMC as a partner and majority shareholder. Their team, mature back office functions, strong balance sheet and proven ability in managing secured assets on a large scale presents us with a unique opportunity to create a market leading business in the dynamic P2P lending market. With the backing of Paratus AMC, we are now best placed to accelerate the development of Funding Empire and build on the solid foundation the team has worked relentlessly to create over the past few years. We are currently working on the launch of some new and exciting products without compromising our reputation for taking a very thorough, transparent and customer-centric approach to doing business.’
Hans Geberbauer, CEO at Paratus AMC, said, ‘We are delighted to have Parag and his team on board. They have built an excellent platform. In the fast moving P2P lending environment, they have resisted the temptation to take short cuts and built out Funding Empire’s business with great care.’