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The BridgeCrowd secures £300m investment and rebrands to SoMo

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  • 01/12/2020
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The BridgeCrowd secures £300m investment and rebrands to SoMo
Bridging lender The BridgeCrowd has rebranded to SoMo and received a significant tranche of investment backed by Deutsche Bank.

 

The firm originally formed as a peer-to-peer (P2P) lender but has since started taking on institutional funding as well.

It has completed more than £132m in lending during its eight years and has now secured £300m in backing from Deutsche Bank.

The lender said this would allow it to “continue its sustainable growth trajectory, and increase its customer and borrower base in the UK”.

It added the name SoMo was chosen as it stands for Social Money Limited.

It launched in 2012 and completes bridging lending to cover residential or commercial property purchases, property refurbishment, and auction finance along with other needs.

The P2P lending sector has seen significant upheaval over the last 18 months including high profile failures such as that of Lendy.

Speaking last month, Lendy administrator Damian Webb said he expected the vast majority of the P2P space would turn to institutional funding following regulatory changes.

 

Steady growth

Commenting on the rebrand Louis Alexander, CEO of SoMo, said: “We have seen significant and steady growth under the BridgeCrowd name, not rushing to increase the loan book at the expense of the quality of our loans.

“This has served us well in the face of a difficult year, allowing us to deliver for borrowers, brokers and investors.

“Now we are preparing for our busiest 12 months to date as we predict more brokers and lenders will need to explore specialist loan options to aid their resilience and recovery in light of Covid-19.”

 

 

 

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