Venture capitalist firm Quilam Capital has confirmed it has acquired lender Propensio Finance.
Propensio provides unsecured loans to home owners to fund home improvements. Customers are promised “flexible loans for those must-have purchases”.
The lender said the investment from Quilam will help facilitate expanding its offering, increase headcount and infrastructure.
Dave Hindle, managing director of Propensio, said: “The business has the foundations to become one of the market leading players in the sector. The investment by Quilam will enable the business to scale quickly and become the funding partner of choice in the home improvement market. The Quilam team understood our business model intimately and having them as a partner ensures the business has a bright future ahead.”
Kieran McSweeney, partner at Quilam, said: “We definitely see the sector as one which is ripe for a new approach and business model. We have known the management team for a number of years and look forward to working closely with them and supporting their ambitious growth plans. This is an exciting investment for us.”