Unique: Plend secures Varengold funding line

Peer-to-peer lending platform Plend has secured a funding line from German establishment Varengold Financial institution, Peer2Peer Finance Information can solely reveal.

Whereas the general worth of the deal has but to be introduced, it’s understood to be an eight-figure quantity.

In accordance with paperwork filed with Firms Home, Plend registered a brand new cost in opposition to the corporate on 27 July 2023, with Varengold named because the creditor. Below the phrases of the deal, Varengold will take a primary floating cost in opposition to the corporate as collateral in opposition to the mortgage. This extends to Plend’s sister firms, insurance coverage insurance policies and property.

The deal was licensed by the legislation agency Osborne Clarke.

Learn extra: Plend chosen for EY development programme

Varengold Financial institution has backed a variety of P2P lenders and different lending platforms in recent times, together with EstateGuru, Assetz Capital, MarketFinance and LendInvest.

Nonetheless, the institutional investor has been the topic of a variety of destructive headlines this yr, after it emerged that the German Federal Monetary Supervisory Authority is investigating the financial institution’s cost transaction enterprise in its business banking division, resulting from potential compliance violations.

Learn extra: Unique interview with Plend’s Nathan Spiteri

In the meantime, Plend has been in development mode over the 12 months, inking a variety of new partnerships and funding offers because it goals to change into a number one client lending platform, with a mission to finish monetary exclusion.

In November 2022, Plend secured a £40m funding from a sequence of latest and present traders. Buyers included Leon and Soho Home backers Lively Companions, in addition to Velocity Juice, Sivo and the founders from Monzo, Starling Financial institution and Oodle Automobile Finance, alongside present pre-seed traders Ascension, Tomahawk Enterprise Capital, DD Enterprise Capital and Haatch.

Learn extra: Varengold hits out at “grossly deceptive media protection” amid compliance probe

Plend has been contacted for remark.

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