"Our retail finance offering, coupled with successfully closing our Series A investment round is a show of intent on our part as we look to broaden our network with other partners."
Funds will also help the platform to launch its Innovative Finance ISA and other new loan products.
Lending Works launched its point-of-sale system for loans within the retail finance sector earlier this year. The lender says the expansion into retail finance is part of its strategy to focus on partnerships in order to grow the business and reach its lending target of £50 million during 2016.
NVM Private Equity invested £2m in early June 2016 to complete the round after earlier investments from an existing institutional shareholder.
Nick Harding, founding CEO of Lending Works, commented: “We’re expecting to launch our new IFISA imminently, which will allow lenders to earn tax-free returns through our platform. Needless to say, it sets the foundations for continued growth which will be well supplemented - and driven - by this new investment.
“Our retail finance offering, coupled with successfully closing our Series A investment round is a show of intent on our part as we look to broaden our network with other partners. We see this as key to the exponential growth we are on track to achieve both in the short and medium-term, and we are looking forward to releasing some exciting new information regarding new loan products as a result of such agreements.
“Moreover, we plan to dedicate some of the capital from the latest investment round to further strengthening our team. Recruiting exceptional team members remains a key focus for us as we look to continue our journey in pioneering fair financial services that people love.”
