Marketplace Lender auxmoney Receives €250 Million From Citigroup and Chenavari Investment Managers
auxmoney, a marketplace lender based in Germany, has received €250 million for loans from Citigroup and Chenavari Investment Managers. Raffael Johnen, CEO of auxmoney, says that their investment engine enables them to set up partnerships at scale, further broadening their base of institutional investors. With this significant investment, auxmoney is able to bring the benefit of digital loans to even more consumers.” Hubert Tissier de Mallerais, Senior Portfolio Manager at Chenavari, commented on the partnership: “We are excited that our partnership with auxmoney will enable us to invest in digital origination of consumer loans in Germany for the first time. “We are financing Fintechs across Europe and the credit performance of auxmoney’s marketplace loans has been remarkably stable during the coronavirus pandemic. We are delighted to be entering into this partnership with one of the leading European fintechs.” While many online lenders launched as accepting retail money only, over time, it has become imperative to incorporate institutional funds to scale platforms.