"We set up the business six years ago in very different economic times, but demand for our proposition in the future will be stronger than ever."
Intriva has also committed to providing additional funding and capital to support the growth of the business following completion.
In a statement, Lending Works said it is now entering a change of control period which is expected to take 2-3 months, following which it will return to lending.
Nicholas Harding, founder and chief executive officer of Lending Works, will continue to lead the business, alongside the existing management team.
Nicholas said: “We are delighted to welcome the team at Intriva Capital as partners and colleagues, supporting Lending Works as it continues on the next exciting stage of its growth. We set up the business six years ago in very different economic times, but demand for our proposition in the future will be stronger than ever. Intriva’s investment and expertise allows us to do this while enabling us to continue to innovate. This will ultimately help us to realise our ambition of becoming the market leader.”
Intriva’s Managing Partner, Simon Finn, commented: “Under the leadership of founder Nick Harding, Lending Works has become one of the UK’s most successful challenger consumer credit businesses operating in the UK today. With a diversified funding base, the company is now in a position to realise the historical investment in the platform by continuing to offer great products, supported by market-leading technology and underwriting capabilities – so critical in the market conditions of today. The Intriva team has extensive operational experience managing and growing consumer lending businesses in the UK and across Europe. We will work in close partnership with Nick and his team, helping to expand the successful existing operations, while venturing into new areas and products where we collectively believe there are opportunities.”
