German Peer-to-peer Lender auxmoney Raises €150 Million
German peer-to-peer lender auxmoney has raised €150 million in growth capital in an investment round led by Centrebridge Partners.
Centrebridge will also acquire share from other investors, taking a majority stake in the German fintech. Existing VC investors that include Index Ventures, Union Square Ventures and Foundation Capital remain on board.
In news updates, Raffael Johnen, auxmoney CEO and co-founder, said the investment round, raised in the midst of a global pandemic, represents a strong vote of confidence in the company’s business model.
He was quoted as saying, “With Centerbridge’s financial market expertise, we gain access to further institutional investors for our marketplace,” he says. “Together we are pursuing the goal of developing auxmoney into a leading digital credit provider in Europe.”
The German loan market is still running on traditional scoring methods and manual processes. auxmoney will provide easier access to credit through automation. The firm, which claims to operate the largest Eurozone credit marketplace has seen loan volumes grow twenty-fold the last five years.