Free2, a financial services platform aimed at helping over 55s, has received a £200m securitisation facility from NatWest Markets to help the FinTech issue customer loans.
In addition to this, an unnamed European special situations fund is deploying a further £105m in debt funding to give Free2 working capital and make new customer loans.
The FinTech also plans to use the capital to support the launch of its first product in early June.
Free2 was founded by Paul Lindsay with the aim of building innovative products targeted at the 55 and over market. The platform will look to combine technology and human contact to offer a personalised experience.
Its first product, which has been in testing for two years, will provide customers with an alternative option for loans.
Free2 founder and CEO Paul Lindsay said, “Free2 was built out of a recognition that financial services have not kept pace with the changing demands of modern retirement. As a result, a large segment of the market does not have access to financial products that are appropriate for their goals and objectives once they reach 55.
“Our mission is to change that. By catering specifically for these customers, we’re seeking to create products that promote freedom and choice and that provide opportunity rather than limitations for those assessing what they want to achieve in retirement. We call it financial freethinking, and today’s announcement is an important milestone as we begin that journey.”
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