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Lending Works, a UK peer-to-peer lending platform, has been acquired by private asset manager, Intriva Capital, for an undisclosed amount.<\/p>\n
The deal, still subject to regulatory approval, sees Intriva buy 100% of Lending Work’s equity.<\/p>\n
Upon completion, the deal will also see Intriva provide “additional funding and capital” to grow the firm.<\/p>\n
![](\"https:\/\/www.fintechfutures.com\/files\/2020\/07\/lendingworks.jpg\")
<\/p>\n“We set up the business six years ago in very different economic times,” says CEO<\/p>\n<\/div>\n
Lending Works says such investments will see its team and business expand.<\/p>\n
Lending Works<\/p>\n
The alternative lender launched in 2014, and to date has lent out almost £250 million to consumers.<\/p>\n
Following its acquisition, Lending Works wants to grow its lending balance sheet three-fold to £1 billion each year by 2025.<\/p>\n
The fintech’s founder and CEO, Nicholas Harding, will continue to lead the business alongside its existing management team.<\/p>\n
“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,” says Harding in a statement.<\/p>\n
“This [acquisition] will ultimately help us to realise our ambition of becoming the market leader,” he adds.<\/p>\n
Intriva’s managing partner Simon Finn called Lending Works “one of the UK’s most successful challenger consumer credit businesses operating” today.<\/p>\n
“With a diversified funding base, the company is now in a position to realise the historical investment in the platform,” says Finn.<\/p>\n
But during the current crisis, Lending Work’s revenues have suffered. Earlier this month, the peer-to-peer (P2P) lender extended its ‘normalisation period’ for another 90 days.<\/p>\n
Introduced in April, the period has helped borrowers access payment holidays and deferrals during the crisis.<\/p>\n
Intriva<\/p>\n
Intriva is a situations-focused private equity firm co-founded by executives from Apollo Global Management – a firm currently managing roughly $312 billion in assets.<\/p>\n
Founded in 2016, the London-headquartered firm invests in special situations which arise across Western Europe from unsustainable capital structures, dislocated markets, and structural change.<\/p>\n
With offices in London and Frankfurt, Intriva manages around €500 million in assets. The firm launched its second fund this year, with a €300 million target.<\/p>\n
As part of the deal to acquire Lending Works, Intriva’s Simon Finn, Dean Walsh and Tom Saunders will join the fintech’s board as non-executive directors<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n
Tags:<\/b> Ruby Hinchliffe<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"
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Lending Works, a UK peer-to-peer lending platform, has been acquired by private asset manager, Intriva Capital, for an undisclosed amount. The deal, still subject to regulatory approval, sees Intriva buy 100% of Lending Work’s equity. Upon completion, the deal will also see Intriva provide “additional funding and capital” to grow the firm. “We set up … Continue reading Lending Works acquired by Intriva Capital<\/span><\/a> Continue Reading