Consumer loan platform Lendable announced a $276 million (£210 million) funding round at a valuation of $4.6 billion on Thursday. The round was led by Ontario Teachers' Pension Plan Board, through its Teachers' Innovation Platform (TIP).
"We are excited to partner with TIP as we accelerate our expansion across products and markets," said Martin Kissinger, Lendable's founder and CEO, in a statement. "Our DNA from day one has been to bring transparency and fairness to consumer finance, and we are proud of the fantastic feedback we consistently receive from our customers."
Founded in 2014, Lendable is a London-based lending platform that connects institutional investors such as banks and family offices to consumers looking for loans. Lendable says its AI-powered platform makes the application process seamless for customers, while also allowing the company to offer financing at more attractive rates than incumbents.
The company said in a statement that the extra financing will be used to develop new products and for expansion in new markets.