Plend partners with Monevo
Peer-to-peer lending platform Plend has joined forces with price comparison site Monevo to bring its consumer loans to a wider borrower base.
The partnership will see Plend’s loan products distributed to consumers using Monevo’s infrastructure, technology, decisioning and relationships.
“We are delighted to be working with the team at Plend, enabling better access and choice of credit,” said Dawn Wood, Monevo’s UK territory director.
“By offering more affordable options, Plend are improving the lives of many consumers.”
In a LinkedIn post, Plend said that the team was “incredibly excited” to partner with Monevo to deliver more affordable credit across the UK, adding that it was “looking forward to where this relationship goes.”
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Plend has been in growth mode in recent months. It recently completed a £40m equity funding round with investments from new and existing investors. The funding will be used to fuel the platform’s growth in 2023 and aid its mission to end financial exclusion.
Plend officially launched in July 2022 after gaining Financial Conduct Authority approval. It offers consumer loans to UK borrowers using its own unique credit checking technology, which aims to make it easier for people to access finance when needed.
Since its launch, more than £40m of loan applications have been processed through Plend’s consumer lending platform and the loan book is increasing by 20 per cent month on month.
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