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P2P Global Ivestments, a British trust dedicated to investments in consumer and SME loans and UK’s largest P2P lender Zopa are working on Europe’s first scuritization of unsecured consumer loans originated online, reports Bloomberg.
According to Moody’s Investor Service, the £138 million transaction is backed by 27 137 loans to individuals and is arranged by Deutsche Bank, which named it Marketplace Originated Consumer Assets 2016-1.
The online consumer loan securitization is first of its kind for Europe, after Funding Circle, another major P2P lender, but for business loans, orchestrated the continent’s first pooling of contractual debt of small businesses.
The loans in the new deal were extended by P2P Global via Zopa.
P2P Global was established in 2014 and invests in consumer and small business loans and corporate tradable receivables.
Zopa is the largest P2P consumer lending platform in the UK, which has extended £1.62 billion in personal loans to 150 000 people. Last month Zopa reported that in 2015 it doubled the loaned sums from 2014 and is expecting a profitable 2017.
Overall, UK is the largest alternative financing market in Europe with a total volume of with a total volume of £3.2 billion in 2015.