Lending Works is a London-based peer-to-peer lending platform led by founding CEO Nick Harding that connects lenders with creditworthy personal loan borrowers. The company is authorised and regulated by the Financial Conduct Authority and is a member of the Peer-to-Peer Finance Association. In July 2016 it raised £3m in a Series A round to support growth. The round was led by NVM Private Equity, which contributed £2m, with participation from an existing institutional shareholder. Lending Works intends to use the funds to scale the business and to support risk and business development. The company will soon launch an Innovative Finance ISA (IFISA), confirm new partnerships, and introduce new loan products. Lending Works operates a UK peer-to-peer platform matching savers with personal-loan borrowers. The company selects borrowers via a team of experienced underwriters using advanced underwriting techniques and electronic credit scoring. Loan terms and lending periods range from one to five years, and Lending Works targets a net return to lenders of approximately 5.1% AER for five-year loans. Its differentiator is "Lending Works Shield," which combines a reserve fund with borrower default insurance and fraud and cyber-crime insurance to protect lenders. Lending Works opened for business after raising £3.5 million in pre-launch funding. The company positions itself against incumbents by noting P2P lenders currently capture only about 1% of an estimated £25 billion UK personal loan market.

Total raised

$10M

Funding rounds

2

Latest round

Series A

Latest activity

Jul 2016