Secured property lender raises more money to invest in new technology and services.
Relendex, a P2P lender focused on commercial real estate loans, has concurrently closed a rights issue and a round of financing from new investors.
The exact amount that has been raised has not been disclosed. But we do learn that this latest investment gives the company a post-money valuation of £6m, on a fully diluted basis.
Relendex intends to use the money to invest in new technology and services.
“We are constantly improving the platform functionality and the services we offer to our customers,” said Michael Lynn, founder and CEO of Relendex. “Our focus is now on creating a Payment Gateway, AutoLending and the development of a Mobile App.”
Relendex claims to have written more than £10m in loans to date, with a pipeline of £20m. It also claims to have sustained no defaults since launching in 2013.
After recently getting authorised by the FCA, Relendex launched its Innovative Finance ISA offering in late May. After lengthy delays to the authorisation process, a good number of peer-to-peer lenders have now been authorised – including some of the very largest, which is expected to inject life into the IFISA market.