German client lender Auxmoney has acquired a majority stake in Dutch peer-to-peer lending platform Lender & Spender for an undisclosed sum.
The 2 corporations had already entered right into a funding partnership in June 2022. Since then, Lender & Spender stated it has greater than quintupled its new mortgage volumes.
Lender & Spender will stay based mostly in Amsterdam and can proceed to function beneath its personal title within the Dutch market, in response to a weblog put up on Lender & Spender’s web site.
Learn extra: Germany’s Auxmoney inks €500m funding line
Robert Leclercq, chief government and co-founder of Lender & Spender stated that the platform could be very a lot trying ahead to the subsequent section of the partnership. He added that he sees alternatives for additional development within the Dutch market, by combining sensible expertise, customer-oriented processes and aggressive financing.
Boudewijn Dierick, managing director at Auxmoney, famous Lender & Spender’s profitable development over the previous yr and stated that he regarded ahead to the 2 corporations working collectively on additional growth plans.
Learn extra: Auxmoney appoints securitisation specialist
Lender & Spender was based in 2015, has 32 workers and facilitates round €200m (£171m) a yr in client loans.
Auxmoney, which now not accepts retail cash, has lent out greater than €4bn thus far. In February this yr, it positioned its third and largest secured bond on the capital markets.
The “Fortuna Shopper Mortgage ABS 2023-1” has securitized round 48,000 loans price €350m (£311m), in response to Auxmoney.
The bond follows a €225m putting in Could 2022, which adopted its first deal in September 2021 for a bundle of 30,000 loans price a complete of €250m.
Auxmoney claims that the primary transaction was one of many first of its form in Europe to incorporate securities externally licensed as social bonds.