LoanBook, a Barcelona, Spain-based business lending marketplace, raised €1.1m in equity funding.
The round, which brought total equity funding since its launch in 2013 to €2.7m, was led by fintech investor Gustav Andersson, who also committed €2m of lending capital support. Andersson will also join LoanBook’s board of directors. New and existing backers participated in the raise.
The company intends to use the funds for the development of new channels to market and operational and technology development, to support growth in 2016.
Led by CEO James Buckland, LoanBook operates a marketplace focusing on the provision of working capital loans and other types of working capital finance to Spanish SMEs. To date, the platform has funded nearly €5 million of loans, with over 100% growth in monthly credit origination during the last six
The company currently has a team of 15 professionals with experience in investment management and SME credit.