Two prominent fintech investors have taken a majority stake in stock funder LE Capital.
Fintech veterans Will Neale, founder of mobile payments company Fonix, which listed in 2020 and Seb McDermott, ex-Blenheim Chalcot and founder of speciality mortgage lender Koodoo, completed the transaction in December to take a controlling stake in the business.
LE Capital pay outs to dealerships within just three hours of a request, allowing customers to better manage their cashflow, making fixed monthly payments with refinancing for up to 240 days.
Neale and McDermott commented: “We look to invest in specialist lending businesses, like LE Capital, which aim to shake up matured markets and provide an unrivalled customer experience.”
George Stancliffe, LE CapitalCEO, said: “This is great news not least because it gives us access to new capital to support growth but also to be able to partner with two veterans of the fintech and lending world. We are really looking forward to working with Will and Seb in 2024 and beyond to grow the portfolio and continue to develop our technology platform for customers.”
LE Capital said it has ambitious product development plans for 2024 to support its growing customer base, including a new interactive dealer portal.
Over the last year, LE Capital has also launched several new APIs with some of the UK’s biggest auction houses, with plans underway to extend this further in 2024.
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