The London-based firm has been fully acquired by Intriva Capital, who has committed to providing significant additional funding to support the expansion of the business.
Consumer-focused alternative lending platform Lending Works has been snapped up by alternative asset manager Intriva Capital.
The deal sees Intriva take full control of Lending Works, subject to regulatory approval. The firm says it has further committed to providing "significant additional funding and capital" to support the growth of the business. This will allow expansion of the business in the coming years.
Lending Works has previously raised money from UK-based private equity house Maven Capital Partners, Pollen Street Capital and NVM Private Equity.
The firm, which suspended the use of its secondary market and stopped access to retail investor funded loans in April, was launched in 2014. Lending Works has lent almost £250m to date.
Nicholas Harding, founder and chief executive officer of Lending Works, will continue to lead the business, alongside the existing management team. The intention is for some of Intriva’s team, including Simon Finn, Intriva Capital's Managing Partner, to join Lending Works’ board as non-executive directors.
Harding said: “We are delighted to welcome the team at Intriva Capital as partners and colleagues, supporting Lending Works as it continues on the next exciting stage of its growth. We set up the business six years ago in very different economic times, but demand for our proposition in the future will be stronger than ever. Intriva’s investment and expertise allow us to do this while enabling us to continue to innovate. This will ultimately help us to realise our ambition of becoming the market leader.”
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