Propio secures £278k from the Future Fund and private backers to launch a peer-to-peer lending platform.
The property lender raised the funds to prepare for its delayed peer-to-peer lending launch in October.
Propio is a property lender offering residential, bridging, and development finance. The platform is transitioning from mini-bonds to peer-to-peer lending.
Property lender Propio has secured £278k in a seed follow on funding round supported by private investors and the government's Future Fund. The capital arrives after a cornerstone investor withdrew earlier in the year due to pandemic uncertainty, delaying the firm's planned expansion into peer-to-peer lending.
The business will allocate the proceeds to update its technology platform, expand loan volumes, and secure appointed representative permissions from Rebuildingsociety ahead of an October launch. Propio previously funded operations through mini-bonds, raising approximately £15m to date through that mechanism before shifting its model.
From the founder
"The future fund is a much-needed and welcome initiative for us,"
Tom Buttress
Co-founder and Chief Executive at Propio
Use of funds
- 01Continue product development
- 02Build out infrastructure
