MytripleA, Spain’s first regulated online P2P lending platform, has attracted €1 million led by alternative SME finance provider GLI Finance Limited. In return for its €445,500 investment, GLI receives a 9.9 percent equity stake in MytripleA and a board seat for Chief Executive Geoff Miller. They also commit to sourcing funding for an additional €10 million in loans made through the platform.
“This investment is a perfect fit with our strategy of focusing on unique platforms which provide capital to SMEs,” Mr. Miller said. “It also enables us to expand our portfolio into Spain, which we see as a particularly attractive market due to its rigorous risk controls and robust regulatory approach.”
Spanish SME’s will welcome an additional funding source, MytripleA Chief Executive Jorge Anton believes. ““There is a huge demand for alternative financing for SMEs in Spain. MytripleA has developed robust risk controls and an efficient technology to disrupt the Spanish alternative lending market.”
Mr. Anton added the equity financing will be directed to scaling up data and product operations, increase marketing efforts, and to add staff.
GLI Finance is a specialist provider of finance to small and medium sized enterprises and is quoted on the AIM market of the London Stock Exchange. GLI Finance both invests in loans to SMEs and originates finance for SMEs through a variety of finance platforms.