Consumer lending platform Selina Finance has secured $150m in Series B funding made up of a combination of both equity and debt financing.
The company secured $115m in debt funding from Goldman Sachs and GGC as well as $35m in equity financing led by Lightrock alongside existing investors.
Established in 2019, Selina claims it is the UK’s first Home Equity Line of Credit (HELOC) FinTech. The company allows homeowners to unlock the value in their homes by borrowing against their equity at low interest rates with a flexible line of credit and only paying for the funds they use.
The company claims it has advanced millions in lines of credit directly to clients as well as through trusted brokers and has made over $100m worth of loans through its HELOC product in the UK.
In July 2020, Selina inked £42m in a Series A round in order to grow its business. Up to £12m was raised through equity and £30m in debt financing to distribute as loans.
According to Selina, it plans to launch a card product in 2022 in order to put HELOC funds into people’s pockets and make the cash easier to spend.
Selina co-founder and COO Leonard Benning said, “European consumers are structurally under-served and homeowners cannot access their wealth in an affordable or flexible way with existing products. UK consumers are always early adopters of new finance products and we are confident that UK consumers will see the benefits of HELOCs and adopt them too.”
Hubert Fenwick – Selina co-founder and CEO – added that he expects demand for HELOCs to ‘rocket’ in the UK over the next five years.
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