With consumer credit volumes in the U.K. and U.S. alone reaching a market of close to $3 trillion, consumer finance needs to get more transparent, fair, and efficient. In doing so, London-headquartered AI-powered consumer finance platform Lendable has raised a massive £210 million funding to surpass its valuation of over £3.5 billion.
Founded in 2014 by Martin Kissinger and Victoria van Lennep, Lendable is on a mssion to use technology to make consumer finance work better for hundreds of millions of customers. It applies AI and automation to enhance underwriting, and offer customers better rates, transparency and service, while offering institutional investors ranging from global banks to family offices access to the asset class.
The new investment will support the startup to develop new products and drive its international growth. Martin Kissinger, co-founder and CEO, Lendable, said: “Our DNA from day one has been to bring transparency and fairness to consumer finance.”
Olivia Steedman, senior managing director, TIP: said: “The platform’s seamless, quick and easy to use products, powered by advanced AI, are shaping the future of consumer finance.”