Fluro secures £200m to fund new lending
Fluro, the UK consumer lender previously known as Lending Works, today announced a landmark £200 million financing partnership with BNP Paribas.
Established in 2014, over the last two years, Fluro has evolved to become an institutionally funded lender and this facility from BNP Paribas will allow Fluro to significantly expand its balance sheet. With 75 employees based at its London headquarters, Fluro is one of the UK’s most innovative embedded lenders, providing unsecured personal loans to prime and near-prime UK consumers through partners such as price comparison sites. Fluro pioneered “Real Rates, Real Eligibility”, providing customers with instant decisions and transparency on rates, as opposed to the incumbent representative APR approach that led to poor customer experience.
Fluro’s business is underpinned by best-in-class risk management, built on eight years of lending experience, combined with a sophisticated technology stack, which together provide seamless integration with partners and frictionless user experience.
Jonathan Kramer, Chief Operating Officer, Fluro, said: “This funding will enable us to provide even more customers with our fair rates and transparent service. We would like to thank the team at BNP Paribas for their support. This is an exciting time at Fluro. Building on our eight years of experience, we are taking the next leap forward to creating the UK’s premier consumer lending proposition. In these uncertain economic times, Fluro has both the experience and funding to prudently grow lending to UK consumers.”
Simon Jones, Head of Securitised Products, BNP Paribas, added: “We are very excited to be partnering with Fluro in supporting their plans for further expansion into the UK consumer lending market. This securitisation is designed to support them on their growth trajectory and underscores the strength of their platform.”