Selina Finance

Selina Finance raises £42m




Digital lender Selina Finance has completed a £42m Series A fundraise.

The funding includes £12m in equity and £30m in debt lines and will boost the company’s growth as it looks ahead to launch a consumer product this year.

It raised the equity funding from a range of fintech investors including Picus Capital, Global Founders Capital, and others.

The finance will enable it to accelerate growth plans and investment in technology as it prepares to enter the consumer lending market later this year, subject to regulatory approval.

The £30m in debt lines will be used to support more SMEs and, post-regulatory approval, consumers across the UK.

Selina Finance was founded in 2019 and offers overdraft-style credit facilities up to £1m which allows SMEs and consumers to borrow against the equity tied up in their homes or investment property.

The solution is fee-less — with no setup, early repayment, or valuation fees — and has built-in flexibility where borrowers can draw and repay funds whenever they choose and pay interest on what is outstanding.

Rates start from 4.95% APR.

The automated platform allows borrowers to go from application to funding in less than five days, and the process is entirely online.

Advanced proprietary technology powers the valuation and underwriting process, which enables loans without the need for property surveyors.

Hubert Fenwick, co-founder of Selina Finance, said: “Homeowners deserve to be able to unlock the value tied up in the home they’ve worked so hard for, both at an affordable price and in a flexible manner.

“We want to help people tap into their real estate wealth whenever they need to borrow funds, by making the whole process, from application to funding, as seamless and as fast as possible.”

Andrea Olivari, co-founder of Selina Finance, commented: “This Series A funding is a significant milestone in Selina Finance’s mission to offer homeowners flexible and affordable credit. 

“…Our investors have demonstrated their belief in our unique proposition and the team we have built to bring our vision to the UK market.” 

Robin Godenrath, managing director at Picus Capital, added: “Selina Finance is bringing much-needed innovation to the UK lending space by allowing customers to access the equity locked up in their residential property, seamlessly and on flexible terms. 

“The team impressed us with their strong focus on building a fully digital customer experience and have already achieved great product-market fit with their business loan use case.”

Selina Finance works with more than 200 commercial finance and mortgage distribution partners across the UK.

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