Alternative investment manager Intriva Capital has acquired UK consumer credit and peer-to-peer lender Lending Works.
Intriva has committed to providing significant additional funding and capital to support the growth of the business following completion of the deal, the specifics of which were not disclosed.
Headquartered in London, Lending Works was launched in 2014 and has grown to lend almost 拢250 million to loan customers.
Nicholas Harding, founder and chief executive officer of Lending Works, will continue to lead the business, alongside the existing management team.
The intention is Intriva鈥檚 Simon Finn, Dean Walsh and Tom Saunders, will join Lending Works鈥� board as non-executive directors.
Simon Finn, Managing Partner at Intriva Capital, said: 鈥淯nder the leadership of founder Nick Harding, Lending Works has become one of the UK鈥檚 most successful challenger consumer credit businesses operating in the UK today.
鈥淲ith a diversified funding base, the company is now in a position to realise the historical investment in the platform by continuing to offer great products, supported by market-leading technology and underwriting capabilities 鈥� so critical in the market conditions of today.
鈥淭he Intriva team has extensive operational experience managing and growing consumer lending businesses in the UK and across Europe. We will work in close partnership with Nick and his team, helping to expand the successful existing operations, while venturing into new areas and products where we collectively believe there are opportunities.鈥�
Nicholas Harding, Chief Executive Officer and founder of Lending Works, added: 鈥淲e are delighted to welcome the team at Intriva Capital as partners and colleagues, supporting Lending Works as it continues on the next exciting stage of its growth.
鈥淲e set up the business six years ago in very different economic times, but demand for our proposition in the future will be stronger than ever. Intriva鈥檚 investment and expertise allows us to do this while enabling us to continue to innovate. This will ultimately help us to realise our ambition of becoming the market leader.鈥�