WATERFALL Asset Management has invested £100m in loans originated by Lendable, which the online consumer lender said will support the company’s next stage of growth.
Lendable, which enables institutional, sophisticated and high-net-worth investors to finance consumer loans through its platform, said the partnership with the global credit investor was an “important milestone” for the platform.
“Partnering with a leading investor like Waterfall is an important milestone for our platform,” said Martin Kissinger, founder and chief executive of Lendable.
“Lendable uses technology to offer customers a frictionless borrowing experience, which incumbents currently fail to provide. This investment affirms our strong track record and operational excellence, and helps us reach the next level of scale.”
Lendable, which is based in London, uses automated underwriting technology to offer instant decisions on small consumer loans.
“Waterfall makes investments in loans originated by marketplace lenders through commitments to a number of financial technology platforms, products (consumer, business and commercial real estate) and structures (whole loans and credit facilities),” said James Cuby, managing director of Waterfall Asset Management.
“We believe that the Lendable team has built an advanced technology platform and has adopted a rigorous approach to consumer lending. We look forward to building a relationship with this ambitious team as it enters its next phase of growth.”
Read more: Zopa mulls move into secured lending