UK-based peer-to-peer lending platform Landbay has closed $2.35 million in funding from Omni Partners. Landbay focuses on the buy-to-rent mortgage market.
London, 3rd December 2014 – Landbay, the low risk, secured peer-to-peer lending platform focused on the UK buy-to-let mortgage market, has completed its first institutional funding round. The company has raised £1.5 million (USD$2.35 million) which will assist with its next phase of growth.
This first institutional investment round was anchored by an investment partner introduced by the alternatives investment manager Omni Partners LLP (“Omni”). In addition, Omni has entered into a deal with Landbay to develop an online business partnership for its direct lending business.
The news follows last week’s announcement that Landbay was appointed as the 9th member of the UK Peer to Peer Finance Association (P2PFA), alongside founding members Zopa, Ratesetter and Funding Circle. The P2PFA is actively involved in the Financial Conduct Authority (FCA)’s decisions regarding the future of the P2P sector and requires its members to operate by a strict set of rules in order to promote high standards of conduct and consumer protection, beyond those required by the FCA.
John Jenkins, speaking for Omni said:
“Omni has built a successful and well-established alternative lending business. We are always looking to identify interesting developments in the lending space for our investment partners. Landbay is a highly credible player that stands out in a burgeoning market. We liked the clarity of their strategy and the quality and experience that the management team bring to this fast growing space. We are confident in their ability to grow a successful business.”
John Goodall, cofounder and CEO of Landbay said:
“Our new investors bring a wealth of experience and scale in the secured lending and mortgage space – it was very important to us that this round was strategic and the synergies that are created by our partnership with Omni will greatly assist our goal of building a £1 billion buy-to-let mortgage book over the next 4 years.”