LendInvest, a UK online marketplace for property finance, has completed a 17 million GBP (25 million US$) Series B equity investment from Atomico, the technology venture capital firm founded by Niklas ZennstrÃ¶m, the co-founder of Skype.
This is LendInvestâ€™s second equity investment in nine months. In June 2015, LendInvest secured a 22 million GBP (33 million US$) Series A investment from Beijing Kunlun, the listed Chinese technology company.
The round takes LendInvestâ€™s total institutional funding (debt and equity) to over 200 million GBP (285 million US$).
LendInvest was launched in 2013 by founders Christian Faes and Ian Thomas, and has lent 560 million GBP to finance 2,100 properties in the UK. The UK mortgage market – a Â£1.3 trillion sectorÂ is traditionally offline, slow and generally a very poor consumer experience says LendInvest.
Today LendInvestâ€™s technology reduces the time taken to process mortgages from months to days, while maintaining rigorous credit controls. LendInvest has also opened up mortgages as a new and attractive asset class that delivers returns of over 5% per annum for investors.
LendInvest will use this funding to accelerate its investment in technology and extend its lead in the property finance market. The company is recruiting its first Senior VP of Engineering and will expand its technology and product teams. Continue reading