Selina Finance has completed a £42 million Series A fundraising round.
The funding includes £12 million in equity and £30 million in debt lines and will assist the business with its growth plans. The lender currently works with more than 200 commercial finance and mortgage distribution partners across the UK and is planning to offer its product to UK consumers later in 2020.
The equity funding was raised from a range of fintech investors including Picus Capital, Global Founders Capital and others. In addition, the London-based fintech has secured £30 million in debt lines that will be used to support more SMEs and, post-regulatory approval, consumers across the UK.
Founded in 2019 by Andrea Olivari, Hubert Fenwick and Leonard Benning, Selina Finance offers overdraft-style credit facilities up to £1 million which allow SMEs and consumers to borrow against the equity tied up in their homes or investment property.
Benning said: “We’re bringing a completely new product to the lending market which, unlike a conventional loan, offers customers real flexibility.
“Our customers can save time and money by only drawing down and repaying when they need to without the need to re-apply, plus the product is feeless and transparent which is what customers have come to expect in the 21st century.”
“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.” added Fenwick.