By Daniel Lanyon on Monday 8 July 2019
The property focused peer-to-peer has been growing rapidly in the past year.
Property focused fintech lender Landbay has revealed a £1bn funding agreement with a large, and undisclosed, financial institution to finance mortgages on its platform.
The money will support Landbay’s plans to significantly grow its buy-to-let lending over the next two years.
Landbay has had a strong year in growing its volumes, which rose by 200 per cent over the last 12 months. It says default rates remain at 0 per cent. Over the same period headcount has doubled.
Founded in 2014, Landbay focusses on the professional segment of the buy-to-let market, and recently increased its loan ceiling to £2m and its maximum loan term from 25 to 30 years.
John Goodall (pictured), CEO, Landbay said: “The £1bn funding is coming from a major financial institution, cementing another flagship partnership between traditional finance and fintech. It’s another fantastic example of London’s thriving fintech sector, even in the face of political and economic uncertainty.”
“We have spent the last five years investing in technology, building a platform that we’re proud of. Our lending volumes coupled with a successful few years of award wins prove that our market model is popular with investors, borrowers, and brokers alike. ”