UK FinTech Lendable has reached a valuation of over $1bn, Sifted reports.
In Brief:
The digital lender offers loans of up to £20,000.
Its valuation follows a secondary share sale earlier in the year.
It was previously valued at $500mn in 2018.
What does this mean?
Sifted notes that the company has been “quiet” about its share sale and new valuation and that the founders have not been undertaking the usual publicity and press interviews one might expect.
Lendable is profitable, making £15mn in 2019 and has higher earnings than the likes of Monzo and Revolut – which are both now trying to “add on” the revenue generating products offered by traditional banks that are Lendable’s bread and butter.
