Partnerships are very common phenomena within the alternative finance industry. Today we’ve seen the announcement of another relationship that has been forged between the both UK-based consumer peer-to-peer lender Lending Works, and Pay4Later, a provider of point of sale credit.
Lending Works is just the latest platform to adopt Pay4Later’s Platform as a Service (PaaS), which enables lenders to access fast growing 'point of demand' finance markets. Others are Close Brothers, Omni Capital, Shawbrook and the well-known RateSetter. The PaaS will enable Lending Works reach a new pool of lenders and boost origination volume.
Both parts are delighted with the agreement.
Lending Works gains instant access to new markets, provididing greater depth and diversity to its investors. Nicholas Harding, CEO of Lending Works commented:
“We are delighted to partner with Pay4Later. Their platform gives us instant access to new retail finance markets and allows us to build a book quickly and efficiently.”
For Pay4Later the addition of Lending Works one of the UK’s fastest growing consumer peer-to-peer lending platforms, to its large assortment of finance providers adds diversity to their product offering. Scott Law, Founder & CEO of Pay4Later, weighed in:
“We’re thrilled to welcome Lending Works to our platform. Here is a business that shares our desire to innovate and provide world class consumer finance solutions.”
This partnership is another great example of the importance of the UK's Fintech industry and will undoubtedly further accelerate growth in the point of sale finance market.
