Barclays Africa has purchased a 49% share holding in South Africa-based peer-to-peer (P2P) firm RainFin, to bolster of its footprint in the lending exchanges and social lending sector of the country.
RainFin CEO Sean Emery said that the company is pleased to have finalised this transaction with Barclays Africa after a thorough due diligence and negotiation.
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"This shows that the peer-to-peer lending model has come of age in South Africa and this transaction brings the concept into the mainstream of the country’s financial services sector.
"We believe that the investment in RainFin will compliment Barclays Africa’s lending business in Africa while giving them a foothold in Africa’s fast-growing peer-to-peer lending market," Emery added.
Peer-to-peer lending is a special type financial transaction which takes place directly between individuals or "peers" without the intermediation of a traditional financial institution.
Barclays Africa spokesperson commented, "Evidence in developed markets suggests that lending exchanges are here to stay, and through this partnership with RainFin, we now have a front seat view on its development in South Africa and beyond."
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