UK-based consumer lending company Fluro has announced a £200m funding partnership with French bank BNP Paribas.
Fluro, previously known as Lending Works, said that the funding will allow it to serve more customers as it will bolster its balance sheet.
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Founded in 2014, Fluro provides unsecured personal loans to prime and near-prime customers in the UK.
Announcing the funding, Fluro said: “Our goal is to build consumer-first products and experiences in an industry which is often unnecessarily complex and out of date. Being able to reach a more substantial portion of the British public means we can have a larger positive impact, faster.”
Fluro COO Jonathan Karmer stated: “It allows us to provide even more customers with our fair rates and transparent services.”
In 2020, private equity firm Intriva Capital acquired Lending Works, which has taken up a new brand identity as Fluro.
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By GlobalDataCurrently, the London-headquartered firm employs 75 people.
BNP Paribas head of securitised products Simon Jones said: “We are very excited to be partnering with Fluro in supporting their plans for further expansion into the UK consumer lending market. This securitization is designed to support them on their growth trajectory and underscores the strength of their platform.”
In a separate development, BNP Paribas has signed a deal to buy Kantox, a fintech for automation of currency risk management.
The French bank did not disclose the financial value of the deal, which builds on the bank’s earlier partnership with Kantox.
