/retail banking

News and resources on retail banking, consumer finance and reinventing customer experience in finance.
Selina Finance snags £150 million for home equity lending

Selina Finance snags £150 million for home equity lending

Selina Finance, a London-based alternative lender which provides credit to business and consumer borrowers by unlocking the value tied up in their property, has raised $35m in equity from Lightrock and $115m in debt from Goldman Sachs and GGC.

Founded in 2019 by Andrea Olivari, Hubert Fenwick and Leonard Benning, Selina Finance offers overdraft-style credit facilities to businesses and home owners backed by the equity tied up in their homes or investment property.

Selina is targeting a £30 billion market opportunity in the UK, where home ownership is commonplace.

Says Fenwick: “We expect demand for Home Equity Line of Credit (HELOC) to rocket in the UK over the next five years as they become the first choice of finance for UK homeowners, our early traction shows the huge potential that exists in this market.

“HELOCs offer a new way for homeowners to finance and advance their lifestyle; perfect for those who have worked hard to build up equity in their property, enabling them to benefit by borrowing affordably and responsibly.”

Having initially started out in the SMB space, the firm gained regulatory approval for consumer lending in 2020 and has already made over $100 million of loans with its home equity product in the UK, representing 90% of its loan portfolio.

Comments: (0)