P2P lending platform Funding Circle has launched on the London Stock Exchange and pulled in £300m.
The primary proceeds has given the company a valuation of £1.5bn.
FinTech Global previously reported the company was looking into an IPO on the London Stock Exchange. The offer was made up of both new shares issued by the company and existing shares which are being sold by certain shareholders, directors and employees.
Institutional investor Heartland had agreed to purchase 10 per cent of the ordinary share offering. A report from Reuters has reported Danish investor Anders Holch Povlsen made a £150m investment into the company.
The main use of the proceeds from the IPO have been earmarked for balancing its sheet position.
UK-based Funding Circle is a small business lender that helps to connect investors with businesses that wish to expand in the UK, US and Europe. Since its launch in 2010, the company has helped lend $5bn to over 50,000 businesses through 80,000 investors. The company has supported more than $1bn in loans during the first half of 2018.
Funding Circle CEO Samir Desai said, “We have always believed Funding Circle would be well-suited to the public markets and today’s listing is recognition of the strength and global impact of our model. We look forward to starting this exciting new chapter for the business as we focus on growth across all markets and seek to create a better financial world for small businesses and investors.”
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