Digital lending platform Lendify has reportedly closed a $115m investment as it sets its sights on a European expansion.
Global asset management firm Insight Investment supplied the capital, according to a report from Bloomberg. The investor previously supplied Lendify with a SEK 1.5bn ($170m) last year.
Sweden-based Lendify is a P2P lenders, which provides consumers with access to digital loans ranging from SEK 20,000 ($2,278) to SEK 50,000 ($56,966). Those wishing to increase their savings can use Lendify to invest into loans, with the FinTech automatically allocating the user’s capital across several loans.
The FinTech has a loan book of $300m and roughly 40,000 customers, the article claims.
With the close of the round, the company is gearing up for expansion across Europe.
Lendify CEO Nicholas Sunden-Cullberg told Bloomberg, “We want our model to be independent from local credit reference agencies within a couple of years, and that would both provide us with a stronger position in Sweden and also allow us to export it to new markets. That requires data sources that aren’t local, such as transactions on bank accounts.”
The FinTech was allegedly looking to raised a SEK 700m ($79m) funding round earlier this year in ahead of approval from the Swedish financial regulator. However, the approval did not come and this put delays on the investment, the article claims.
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