British startup Lendable has announced that they have picked up 2.5 million pounds in new funding from London-based Passion Capital and a host of private investors for their P2P lending platform. The service, which launched back in January, facilitated its first loan in June of this year. Notably, the company says that the volume of loans facilitated in November equaled the total for the previous months combined.
Lendable is taking aim a segment of the population that is interested in borrowing, but does not necessarily boast perfect credit scores. The service is offering instant, personalized rates, rather than leaving borrowers to find the right fit for themselves.
Lendable says that their business model is commission-based, as they charge a platform fee (a percentage added to the loan amount, to be repaid over the course of the loan) and a servicing fee (a percentage charged on repayments to investors).