Spain-based LoanBook has secured £737,450 in its crowdfunding campaign, which saw 297 investors.
Part of this sale included a £340,000 investment from current shareholders, business angels and family offices. The initial target for this latest funding round was £650,000, and was raised at the pre-money valuation of £10.5m. Upon the closing, LoanBook had sold 6.53 per cent of its equity.
The company is a marketplace lending platform for the Spanish market, offering short-term working loans which are typically between three and twelve months. Through the solution, a consumer is able to apply for a loan, with LoanBook helping them with the process. Lenders are able to access the marketplace and pick which loans they wish to invest into.
Since the company was launched in 2013, the company has helped deploy around €40m in loans, doubling its volumes in each of the past three years.
With this injection of capital, it brings the company’s total funding efforts to around $2.25m, with LoanBook receiving a $1.25m investment in 2015.
The Spanish FinTech sector saw a range of activity late last year, with ID finance pulling in $8.5m in its initial bond issuance. The credit scoring and online lending solution is looking to raise $170m in total from the bond issuance programme. Other recent activity in the country included the acquisition of student accommodation marketplace Resa by AXA Investment Managers – Real Assets, and CBRE Global Investments.
Spain’s biggest sector for investments in 2016 was the marketplace lending sector, with it attracting a quarter of all funding.
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