Maven has invested £2m into the P2P lender with a further £800,000 of funding coming from Pollen Street Capital, NVM Private Equity and a number of business angels.
Lending Works plans to use the funding to strengthen its sales and marketing function to support the continued expansion of the business.
The P2P lender has now lent £115m, with £32m distributed in H1 2018 alone.
This comes after it announced earlier this year that it had surpassed £100m in lending.
It aims to use the investment to capitalise on the forecasted growth in the P2P market and convert more loans through its established sales channels.
These include brokers and price comparison websites.
- Lending Works exceeds £100m milestone
- P2P market breaks £8bn barrier
- Oblix secures FCA authorisation for P2P lending platform
Nicholas Harding, CEO at Lending Works (pictured above), said: “We are very pleased to have secured this investment from Maven, NVM and Pollen Capital.
“We have very ambitious plans to both dramatically improve the consumer credit market for customers and build a business that funds billions of pounds of loans per year.
“This investment will enable us to continue on that journey.
“The team at Maven immediately understood our business model and is hugely supportive of our growth strategy.
“We look forward to working with them to take the business from strength to strength.”
Melanie Goward, investment director at Maven, said it was delighted to have led the investment.
“The firm has developed a reputation in the market of being a responsible and ethical P2P market leader, which is evidenced by it being the first major platform to have been fully authorised by the FCA and the first to have negotiated insurance cover which provides lenders with protection against borrower defaults.
“The experienced management team … has a clear and executable strategy and we look forward to helping them deliver this in the coming years.”