P2P lender, FundingKnight, acquired after entering administration
British P2P lender, FundingKnight has been acquired out of administration by finance provider GLI Finance, which also agreed to take on FundingKnight Holdings' subsidiaries, Funding Knight Services and Funding Knight Corporate Services, both of which are dormant. A cash sum of £750,000 has been paid and, as part of the terms of the deal, GLI has also committed to providing the lender with at least £1m of further capital to finance its ongoing operations.

Funding Knight Holdings has announced that GLI Finance has acquired the remaining shareholdings in the lender to become full owners.

The acquisition will also see GLI Finance commit £1m of further funding capital to help grow the business as the peer-to-peer lender looks to continue its focus on property and business lending.

The news comes after GLI Finance also announced it would be injecting £5m worth of cash into fellow lender Platform Black.

Andy Whelan, CEO of GLI, stated: “We believe FundingKnight is a fundamentally good business with strategic value.

“In the medium term, we will be seeking to maximise the potential of FundingKnight.”

Jasper Ehrhardt, Managing Director of FundingKnight, added that GLI Finance had become an integral part of the FundingKnight story from its inception.

“We are looking forward to working together to bring our customers more investment opportunities and benefiting from GLI’s experience and support from within the larger group and platform portfolio.”

FundingKnight completed its first bridging loan in February 2015 after launching into the market that year and joined the Association of Bridging Professionals earlier this year.