Lending Works rebrands as Fluro
Former peer-to-peer lending platform Lending Works has rebranded as embedded finance platform Fluro.
Launched today (5 September), Fluro aims to become the UK’s leading embedded lender.
The new brand represents “an ambitious refreshed strategy for Lending Works”, the company said. It will work with partners and online intermediaries to integrate consumer loans into their existing offers.
Fluro’s will focus on the commercial opportunities in embedded finance as partners, rather than building its own offers from scratch. Using Lending Works’ technology and stringent affordability checks, Fluro expects credit decisions to be made within as little as 10 seconds.
Read more: Lending Works warns cost-of-living crisis will increase loss rates
“Fluro creates market leading embedded lending products that empower our partners and enable consumers to create positive and energising changes in their lives, whether that’s building an extension for their house or buying a new car,” said Fluro’s founder and chief executive Nick Harding (pictured).
“Our new brand reflects the development of our customer proposition and culture, as well as our ambitions for the business.
“Lending Works has led the industry: in pioneering real rates, our technology, our standards of customer experience and our data-led approach. Fluro will build on these strengths as we look ahead to the business’ next chapter. The company has evolved into an agile embedded lending business, but we will continue to put fairness and the end customer’s interests at the heart of everything we do.”
Fluro will continue to be funded institutionally, primarily from alternative investment manager Intriva Capital, which acquired 100 per cent of Lending Works’ equity in July 2020.
As a result of this institutional backing, Lending Works has been able to grow its team to 75 employees, up from 34 at the end of 2020.
“Embedded finance is a huge opportunity, with the potential to transform the way consumers access financial services,” added Harding.
“Our aim is for Fluro to be the go-to partner of choice in the lending space, continuing to build game-changing customer experiences.
“Today’s announcement is the culmination of many months of work, and I would like to pay tribute to Fluro’s outstanding, and fast-growing, team. Today’s launch is their achievement.”
Read more: Lending Works warns cost-of-living crisis will increase loss rates