The acquisition will also see GLI Finance commit £1m of further funding capital to help grow the business as the peer-to-peer lender looks to continue its focus on property and business lending.
The news comes after GLI Finance also announced it would be injecting £5m worth of cash into fellow lender Platform Black.
Andy Whelan, CEO of GLI, stated: “We believe FundingKnight is a fundamentally good business with strategic value.
“In the medium term, we will be seeking to maximise the potential of FundingKnight.”
Jasper Ehrhardt, Managing Director of FundingKnight, added that GLI Finance had become an integral part of the FundingKnight story from its inception.
“We are looking forward to working together to bring our customers more investment opportunities and benefiting from GLI’s experience and support from within the larger group and platform portfolio.”
FundingKnight completed its first bridging loan in February 2015 after launching into the market that year and joined the Association of Bridging Professionals earlier this year.
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