Maven in £2.8m round for P2P lending platform Lending Works

Maven contributed £2m to the round. NVM Private Equity, Pollen Street Capital and a small number of business angels provided the remaining £800,000.

Maven stated that the investment would be used to strengthen Lending Works' sales and marketing function. This is expected to bolster the expansion of the business, based on both the growth forecasted in the P2P market and the origination and conversion of more loans through its sales channels.

Previous funding
In January 2014, Lending Works raised £3.5m of seed funding in a deal led by David Kyte, alongside other private investors.

NVM then provided a £3m round of growth capital funding to the lending platform in 2016. The GP invested £2m to complete the round, along with existing investors.

Company
Founded in 2014 and based in London, Lending Works has developed a lending platform that connects private and institutional lenders to borrowers (both corporates and individuals). The business claims it was the first major P2P platform to be fully authorised by the Financial Conduct Authority.

Customers on Lending Works have borrowed a total of £115m to date, including £32m in H1 2018 alone.

People
Maven Capital Partners – Melanie Goward (investment director).

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