France-based peer-to-peer lending platform Younited Credit has raised €40m ($47.8m) in a funding round featuring insurance providers AG2R La Mondiale and Matmut, the latter investing through its Matmut Innovation unit.
French government-owned investment bank Bpifrance also participated, through its Large Venture Fund, as did financial services firm Crédit Mutuel Arkéa, Weber Investissements, Eurazeo and Zencap Asset Management.
Founded in 2011 as Prêt d’Union, Younited Credit operates a crowdlending platform that enables consumers to borrow between €1,000 and €40,000 from other users and businesses.
The platform uses machine learning to determine credit worthiness, and Younited has processed €500m in loans to date, including €250m over the past year.
The funding will support further expansion in Europe, where Younited is already active in France, Italy and Spain, as well as product development, including the ability for third parties to integrate the service into their own offering, and improved customer experience.
Younited Credit has now raised €103m in total funding. AG2R La Mondiale and media company Schibsted contributed to its $34m series D round in 2015, which was led by Eurazeo, with participation from Crédit Mutuel Arkéa, Weber and private investor Pierre Kosciusko-Morizet.
AG2R La Mondiale, Crédit Mutuel Arkea, Weber and Kima Ventures had participated in the company’s €10m series C round in 2013.
– The original version of this article first appeared on our sister site, Global Government Venturing.