auxmoney, a platform for consumer credit in Europe, will use the proceeds to fund the origination of new consumer loans on its platform.
Founded in 2007, the firm provides a peer-to-peer lending marketplace. It uses digital data-based scoring technology and artificial intelligence (AI).
Citigroup’s latest funding builds on its earlier partnership with auxmoney.
In April 2021, Citigroup along with Chenavari Investment Managers made a €250m investment in the consumer credit platform.
auxmoney Investments managing director Boudewijn Dierick is leading the team responsible for the latest deal.
auxmoney CFO Daniel Drummer said: “With two renowned financial institutions providing funding at scale, this deal underlines the profound trust of investors in auxmoney and the appeal of digital lending as asset class, even in a more volatile market environment.
“This funding commitment further strengthens auxmoney’s excellent standing as a tech-enabled platform for institutional investors.”
auxmoney CEO Raffael Johnen said: “We are on a mission to promote and improve financial inclusion. With these additional strategic partnerships, we will enable more people across the credit spectrum to borrow at competitive rates, something that in the current macro environment is more important than ever.
“Our proprietary scoring and underwriting technology enable us to continuously improve our offering. It is great that more and more strong partners support our mission and foster financial inclusion with us.”