VC firms to sell Lendico to ING Diba

ING Diba has issued a statement of its intention to acquire the company and registered the deal with the German competition commission.

However, a source close to the situation told Unquote that the deal is not yet officially completed.

German press reports claimed that Rocket Internet had sold its stake in Lendico to UK-based hedge fund Arrowgrass in July last year, but the deal was not completed.

Holtzbrinck originally invested in Lendico from its fifth fund, a €175m vehicle that held a final close in May 2012. It backed a seed round for the company in March 2014 and subsequently took part in a €20m series-A alongside Rocket Internet in April 2015.

Lendico was founded in Rocket Internet's incubator programme in December 2013. It offers P2P loans to businesses and consumers. The company employs 100 people and is headquartered in Berlin with operations in the Netherlands, Switzerland, Austria and Brazil.

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