Loan valued at $4.5 billion after raising $275 million

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Consumer finance platform Lendable raised $275 million in a funding round that valued the British company at $4.5 billion, the company announced in a new statement on Thursday (March 10).

The round was led by the Ontario Teachers’ Pension Plan Board through its Teacher Innovation Platform (TIP), which focuses on venture capital and growth investments in advanced stage in technology companies.

The company says TIP’s investment will help Lendable develop new products and fuel the company’s international growth plans.

“Our DNA from day one has been to bring transparency and fairness to consumer credit, and we’re proud of the fantastic feedback we consistently receive from our customers,” said Lendable Founder Martin Kissinger. “TIP is a global growth investor with a long-term view that can support our ambition to make this giant market work better.”

Founded in 2014, Lendable uses artificial intelligence (AI) and automation to improve underwriting and provide customers with better pricing, transparency and service. The firm says it also offers “institutional investors ranging from global banks to family offices access to the asset class. Consumer credit volumes in the UK and US alone are significant, with an addressable market of nearly $3 trillion.

In January, Lendable was among several investors in a $3.5 million seed funding round for German cyberinsurance company Baobab.

Read more: African FinTech Finclusion raises $20 million for business development

And last year, Lendable worked with Finclusion Group – which works across Africa with online credit and currency providers using AI methods – on a $20m funding round.

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NEW PYMNTS DATA: ACCOUNT OPENING AND LOAN SERVICE IN THE DIGITAL ENVIRONMENT

On: Forty-two percent of US consumers are more likely to open accounts with financial institutions that facilitate automatic sharing of their bank details upon sign-up. The PYMNTS study Account opening and loan management in the digital environmentsurveyed 2,300 consumers to explore how FIs can leverage open banking to engage customers and create a better account opening experience.

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