13th Apr 2015 06:52
LONDON (Alliance News) - GLI Finance Ltd on Monday said it has agreed to invest EUR445,500 in Spanish peer-to-peer lending platform MytripleA as part of a EUR1 million equity financing round.
MytripleA is the first fully-regulated peer-to-peer lender in the Spanish market.
GLI, an SME finance provider, will receive a 9.9% stake in the company and has committed to sourcing funding for EUR10 million of loans made through the platform.
GLI Chief Executive Geoff Miller will be appointed to MytripleA's board as part of the deal.
"This investment is a perfect fit with our strategy of focusing on unique platforms which provide capital to SMEs. It also enables us to expand our portfolio into Spain, which we see as a particularly attractive market due to its rigorous risk controls and robust regulatory approach," said Miller.
By Sam Unsted; [email protected]; @SamUAtAlliance
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