Chinese group backs UK peer-to-peer lender

Chinese-listed technology company Beijing Kunlun is to invest £22m in British peer-to-peer lending platform LendInvest. The deal will provide LendInvest with financing to accelerate growth as it plans for an initial public offering in the next year. LendInvest has financed £300m of loans so far and achieved a £3.1m profit last year. Beijing Kunlun chief executive Yahui Zhou will join LendInvest's board as part of the deal. The transaction is the first round of external funding in LendInvest. There have been several recent tie-ups involving Chinese companies seeking to tap the booming P2P sector in the UK and US. Alibaba teamed up with two alternative lenders in the UK in March to help British SMEs to enter China.


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