Triple Point backs lender Plend with £20M credit facility
What's the deal? Triple PointDealroom has a profile for this one. Try Dealroom → has originated a £20m senior revolving credit facility for UK consumer lender Plend, with a potential £30m uncommitted accordion. It marks the investment manager's first transaction in consumer lending.
What's the endgame? Plend will use the facility to refinance its existing funding line and fund new originations as it scales its lending platform.
Rather than relying on traditional credit scores, Plend uses a proprietary open banking-enabled system to assess affordability based on a borrower's real financial circumstances. The aim is to serve creditworthy near-prime borrowers often overlooked by high street lenders.
Why now? Triple Point said Plend's focus on financial inclusion and responsible lending "aligns closely" with its own values. Both companies are certified B Corporations.
"Backed by a high-quality management team and investors, Plend is well positioned for its next stage of growth," said Ellis Diamanti, head of specialty finance, private credit at Triple Point.
James Pursaill, founder and chief executive of Plend, said the partnership "will give thousands more people access to credit that traditional lenders overlook."
The signal: Triple Point's specialty finance team has completed several similar facilities over the past year, and this deal extends its reach into consumer lending. The firm manages roughly £2.5bn across private credit, clean heat, energy transition, social housing, and ventures.
Read more: alternativecreditinvestor.com
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