LendInvest reportedly shelves IPO plans for now

By Oliver Smith on 27th August 2019

Property

The property lender's listing has been pushed back to 2020 at the earliest.

LendInvest reportedly shelves IPO plans for now
Image source: Christian Faes, LendInvest CEO.

Nearly a year after announcing a $39.5m “pre-IPO” funding round, LendInvest has delayed plans to IPO this year in favour of another private cash injection, according to a report by Financial News.

CEO Christian Faes has repeatedly voiced his intention to list the property lending business in recent years, but also cautioned that “we're not in any particular rush”.

Last year he told Forbes: “most people with interests in fintech will be watching the Funding Circle IPO with great interest.”

Funding Circle’s shares have fallen 74% since its IPO in September 2018.

Referencing a person familiar with LendInvest’s plans, Financial News revealed that the company has prepared an IPO prospectus and has not ruled out a listing, but that this is unlikely to happen until 2020.

Earlier this year it was also reported that LendInvest had appointed investment bankers from Lazard to advise on an IPO.

In recent months LendInvest has also secured a £200m investment in its loans from the National Australia Bank and a £200m funding line from HSBC to launch its residential mortgages.

In June LendInvest published its latest results, which included a profit for the fifth year running, this time of £3.3m on loan originations of £747.4m and revenues of £72.7m.

LendInvest declined to comment.