Portuguese challenger bank Banco BNI Europa is looking to invest up to €15m into online auto financing platform Lendrock.
The investment comes alongside a partnership with the Spanish company and will see the acquisition of its existing loan portfolio. The deal will also offer fast exposure to Lendrock’s loans and initiate the acquisition of monthly origination volumes.
Lendrock is a mobile-based online car financing platform which helps consumers get loans of up to $6,000 for 36-month terms. The platform offers over 3,000 cars from 400 dealers, with no commissions fees.
Through the use of algorithms, the company checks through an applicants data and evaluate beyond traditional levels.
Lendrock co-founder and CEO Ventura Pobre said, “We are delighted at finding in Banco BNI Europa both a top tier institutional investor and a strategic partner to our platform, who, like us, is excited by the potential to drastically improve the car financing experience to all consumers, including those that need it most.
“Having developed our 100% online integrated financing platform and with Banco BNI Europa support, we are now ready to drive the scale up process and make a big a difference to many more consumers looking to finance a car.”
Earlier in the year, Banco BNI joined alongside Varengold Bank to supply £135m to MarketInvoice, a business financing platform. The funds were deployed to help the company increase its funding levels and support more UK enterprises with access to working capital.
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