Cadwalader, Wickersham & Taft LLP has advised UK consumer loan platform Lendable on its first £100 million funding program from New York-based Waterfall Asset Management. The £100 million will be invested in loans made over Lendable's platform, which offers loans to prime and near-prime consumers in the UK.
The capital deployed by Waterfall represents one of the biggest ever institutional investments in loans originated through a European fintech platform and comes amid growing interest from US investors.
Cadwalader is a leader in the European securitization and Fintech space. In the past year alone, the firm advised the arranger of a securitization backed by £130m of loans to UK SMEs originated on the Funding Circle platform -- the first public, rated securitization of marketplace loans in Europe. Cadwalader also advised the arranger of a securitization backed by £150m of loans to UK consumers originated on the Zopa platform.
“Cadwalader is widely acknowledged as the go-to firm globally for its work in helping to develop the alternative finance and fintech securitization market across Europe,” said Jeremiah Wagner, a partner in the firm’s Capital Markets Practice in London. “This important transaction for Lendable is an example of the importance of institutional funding through a loan origination program for the fast-growing marketplace lending industry.”
Lendable is an online lending platform based in Shoreditch, East London. Waterfall, founded in 2005 by two former Merrill Lynch bankers, specializes in investing in high-yield asset-backed securities or loans.
The deal was led by Wagner and included Capital Markets associate Patrick Leftley and Corporate associate Elin Gosby.
Richard Brand, Brian McGovern
Joseph Moreno, Anne Tompkins
Partner Chris Gavin will speak on a panel addressing "Securitization & Cash Execution."