Specialist credit investor backs consumer lending platform Lendable.
Lendable, the fast-growing consumer lender, has secured a £100m investment from Waterfall Asset Management.
Waterfall has been focused on high yield asset backed securities and loans since its inception in 2005, and has invested via a number of online platforms in the US. The firm recently set up an office in London.
“Waterfall makes investments in loans originated by marketplace lenders through commitments to a number of financial technology platforms, products (consumer, business and commercial real estate) and structures (whole loans and credit facilities),” explained James Cuby, managing director of Waterfall Asset Management. “We believe that the Lendable team has built an advanced technology platform and has adopted a rigorous approach to consumer lending.”
Lendable has been around since 2014, and has lent a little under £50m to date, according to AltFi Data. The firm originates generally higher yielding loans than consumer lending rivals Zopa and RateSetter. Prior to the Waterfall commitment, Lendable’s investor base was comprised of a mix of specialist fund managers, family offices and qualified investors. Its largest single investment commitment was in the £10-15m range.
Martin Kissinger, founder and CEO of Lendable, called the investment an important milestone for the platform. “This investment affirms our strong track record and operational excellence, and helps us reach the next level of scale,” he said.
AltFi is returning to Amsterdam for its second annual Summit in the city. The inaugural event last year was a roaring success, with key figures from across Continental Europe's alternative finance and digital banking sectors highlighted. These included Jeroen Broekema, managing director of Funding Circle Netherlands, and Mieke van Engelen, head of innovative partnerships at ABN AMRO's standalone lending platform, New10.