Germany-based peer-to-peer lending platform operator Lendico has received €20m ($22m) in funding from investors including conglomerate Access Industries and e-commerce holding company Rocket Internet.
Access and Rocket were joined by another existing backer, HV Holtzbrinck Ventures, the venture capital firm spun out of publisher HV Holtzbrinck, and an undisclosed “leading” fintech investor.
Lendico was launched by Rocket Internet in 2013 and operates as an online credit marketplace for business and consumer lending. It secured more than €100m in March from banks and investment funds to finance its loans.
The cash will be used to fund international growth, technology development and an increase in the company’s team.
Oliver Samwer, CEO of Rocket Internet, said: “With Lendico, we are building the digital alternative to banks for business and consumer lending, with better rates and faster service.
“Fintech is at the beginning of a development we already have experienced in e-commerce: long-established players will be outdistanced by new digital solutions. With Lendico we are actively shaping this process.”