German incubator Rocket Internet is selling its majority stake in Lendico to a UK hedge fund.
Rocket Internet, a venture capital investor and incubator of internet-based companies, is selling its majority stake in a leading German P2P platform named Lendico.
The platform was launched by Rocket Internet late in Germany in 2013, and quickly expanded overseas into such markets as Brazil and Switzerland. News of the change in ownership was first reported last week by Hadelsblatt Global. The German publication reported that the purchase price was kept confidential, but that the publicly-listed Rocket Internet most recently valued its stake at €140m. The stake itself is said to be larger than 50 per cent. An Arrowgrass representative confirmed for AltFi that the deal is happening, subject to regulatory approval.
Arrowgrass has made various forays into the invoice finance space, in addition to owning a stake in the world’s original peer-to-peer lending platform Zopa. The hedge fund, which was spun out of Deutsche Bank in 2008, invested £15m in Zopa in early 2014.