CrossLend, a digital debt marketplace has netted a Series B financing round.
Santander InnoVentures led the round, participation also came from previous backers Earlybird, ABN Amro Ventures and Lakestar.
The German FinTech company offers a digital debt marketplace for consumer, SME, invoices, mortgages and other types of debt originated by banks and alternative lenders. CrossLend makes the assets available to a wider range of institutional investors such as banks, investment funds, and insurance companies.
This enables loan originators to expand their lending capacity and reduce pressure from capital requirements.
CrossLend CEO and founder Oliver Schimek said, ?Well-functioning debt capital markets are crucial for stability in Europe, yet investment banking in debt markets has mostly remained undisrupted by digitisation until now. The arteries of our financial system are increasingly threatening to clog, leading to severe economic restrictions for companies and individuals in Europe.
?CrossLend re-wires the debt market in the spirit of the European capital markets union. We are pleased about the long-term confidence of our investors. With their support, we are now taking an important step to further expanding our services to banks, investment funds and insurance companies.p>
Last year, CrossLend raised ?14m in an investment from ABN AMRO and solarisbaank.
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