Fluro announces £200m funding line
Fluro – the fintech lender formally known as Lending Works – has announced a new £200m funding partnership with BNP Paribas.
The funds will be used to help Fluro grow its business and “create the UK’s premier consumer lending proposition”.
Last month, Fluro announced its rebrand and said that it aims to become the UK’s leading embedded lender. It will work with partners and online intermediaries to integrate consumer loans into their existing offers.
Simon Jones, head of securitised products at BNP Paribas said: “We are very excited to be partnering with Fluro in supporting their plans for further expansion into the UK consumer lending market.
“This securitisation is designed to support them on their growth trajectory and underscores the strength of their platform.”
Read more: Proplend hires ex-Metro Bank MD as board chairman
A Fluro spokesperson said that the £200m funding deal will allow Fluro to provide even more customers with their fair rates and transparent service.
“We would like to thank the team at BNP Paribas for their support,” said Jonathan Kramer, chief operating officer at Fluro.
“This is an exciting time at Fluro. Building on our eight years of experience, we are taking the next leap forward to creating the UK’s premier consumer lending proposition.
“In these uncertain economic times, Fluro has both the experience and funding to prudently grow lending to UK consumers.”
Lending Works was established in 2014. In July 2020, it was acquired by alternative investment manager Intriva Capita.
In September 2022, the company rebranded as Fluro with a new focus on embedded finance, providing unsecured personal loans to prime and near-prime UK consumers through price comparison sites.
Read more: The 2022 Peer2Peer Finance News Power 50