Chinese technology company Beijing Kunlun just invested £22 million ($34.2 million) in peer-to-peer mortgage lender LendInvest in the biggest Series A round so far in British fintech.
LendInvest's mortgage marketplace matches people looking for quick, short-term mortgage funding with people hoping to get a better return on the money they lend. Because online lenders let savers lend money directly, borrowers pay less interest, and lenders get a better return. The company was officially launched in May 2013, when it was spun out of short-term mortgage lending business Montello. Since then, it has financed over £300 million worth of mortgages. Cutting out the middleman lets LendInvest give both sides a better rate, CEO Christopher Faes told Business Insider, and means that they can get applicants their money in just two weeks, compared to the three months banks usually take.