UK-based peer-to-peer lending platform FundingKnight has closed a £1.5 million investment round at a £7.5 million valuation. The round was led by GLI Finance.
FundingKnight curates borrowers on their platform and eliminates businesses they deem as too risky for lending. In doing so, the platform boasts average gross returns of over 11%. The platform also offers a loan exchange where existing loans can be traded either in full or in part.
UK-based businesses with at least two years of trading and account history are eligible to participate on the platform.
GLIF CEO Geoff Miller will also join FundingKnight’s board as part of the deal.