BNP Paribas to provide £200m funding to UK consumer lender Fluro
UK consumer lender Fluro (formerly known as Lending Works) has announced a £200m funding partnership with European banking group BNP Paribas.
Founded in 2014, the company was acquired by private equity firm Intriva Capital in 2020 and was recently renamed Fluro.
Over the past two years, it has evolved into an institution-backed lender, according to the company. The facility granted by BNP Paribas will allow it “to significantly expand its balance sheet”, he adds.
Fluro employs 75 people based at its London headquarters, led by CEO and co-founder Nicholas Harding.
The company describes itself as a “technology-driven company” and “one of the UK’s most innovative integrated lenders”, offering unsecured personal loans to privileged and near-privileged consumers through partners such as price comparison sites.
It also claims to have pioneered “real rates, real eligibility” – giving customers instant decisions and transparency on rates, as opposed to the annual representative rate (APR) approach in place.
“Building on our eight years of experience, we are taking another step towards creating the UK’s first consumer loan proposition,” comments Chief Operating Officer Jonathan Kramer (COO). “In these uncertain economic times, Fluro has both the experience and the funding to prudently increase lending to UK consumers.”
Simon Jones, head of securitized products at BNP Paribas, says the securitization “underlines the strength of Fluro’s platform”.