British consumer lending startup Lendable has raised £300m from investment and mortgage firm Castle Trust Capital.
Castle Trust will make the investment over three years to buy consumer loans originated by Lendable. Earlier this year, Lendable agreed a £100m funding deal with Waterfall Asset Management.
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The latest move marks Castle Trust’s second major deal in alternative finance in 2017, with the first being its takeover of point of sale finance provider Omni Capital Retail Finance.
Castle Trust founder and CEO Sean Oldfield said: “Following extensive review of the market we concluded that Lendable’s focus on machine learning and innovative distribution channels was consistent with the approach taken on our own originations to generate maximum value for customers and capital providers.”
Lendable founder and CEO Martin Kissinger said: “I’m pleased that another large institution is coming onboard at Lendable and joining our marketplace of institutional and private investors. Our loans have consistently delivered market-leading risk-adjusted returns, and Castle Trust’s engagement allows us to further grow our lending portfolio in 2018 and beyond.”
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