Online lender Proplend closes Series A

Online lender Proplend has closed its Series A funding round which was completed by London-based Merchant Bank Salamanca Group.

As part of the round, Salamanca Group has taken a stake in Proplend and is already facilitating a Series B round.

The value of the investment was not disclosed.

Founded in 2014, Proplend is a peer-to-peer lending platform for commercial lending and mortgages. The platform takes into account the tax efficient ISA money, allowing it to offer around ?270bn of cash ISA funds.

The company has supported ?22.8m of lending, with lenders ranging from individuals to listed institutions. Lenders have the choice to adjust their risks, by offering loans at 5-12% to a range of borrowers.

This capital will be used to further the development of the platform over the next five years. Proplend primarily hopes to expand its team, invest into its platform technology and strengthening marketing activities.

Salamanca Group special situations and corporate advisory head Chris Pearson said, ?We are thrilled to complete the initial funding round for the UK leader in the commercial online lending marketplace from private investors.? As we progress into the Series B fund raise, our focus will switch to institutional investors. We look forward to continuing to work with Proplend as they continue to grow their business.p>

Copyright ? 2017 FinTech Global

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