Selina Finance raises £42 million in Series A funding
By Sunniva Kolostyak
The UK-based digital lender Selina Finance has secured £42 million in its Series A funding round as the firm looks to launching a consumer product later this year.
The funding – £12 million in equity and £30 million in debt lines – comes from a range of investors in the FinTech space. Picus Capital, Global Founders Capital were among the equity investors.
This will enable the FinTech to accelerate its growth plans and investment in technology as it prepares to enter the consumer lending market later this year, subject to regulatory approval. The £30 million in debt lines will be used to support more SMEs and consumers across the UK.
Founded in 2019, Selina Finance offers overdraft-style credit facilities up to £1 million which allow SMEs and consumers to borrow against the equity tied up in their homes or investment property. The new funding will be used to further develop its technology, making access to credit for property owners more seamless.
Leonard Benning, Co-Founder of Selina Finance, said: “We’re bringing a completely new product to the lending market which, unlike a conventional loan, offers customers real flexibility. Our customers can save time and money by only drawing down and repaying when they need to without the need to re-apply, plus the product is feeless and transparent which is what customers have come to expect in the 21st century.”
Selina Finance’s automated platform allows borrowers to go from application to funding in less than 5 days, entirely online. Advanced proprietary technology powers the valuation and underwriting process, enabling loans without the need for property surveyors or other face-to-face visits.
In contrast to existing providers, the solution is feeless, with no setup, early repayment, or valuation fees. It also offers built-in flexibility, allowing borrowers can draw and repay funds whenever they choose, and pay interest on what is outstanding.
The credit facilities are secured against physical property, meaning customers can borrow much larger amounts, up to £1 million, at more competitive rates starting from 4.95 per cent APR versus unsecured loans.
Andrea Olivari, Co-founder at Selina Finance, commented: “This Series A funding is a significant milestone in Selina Finance’s mission to offer homeowners flexible and affordable credit. Despite the uncertainty and disruption caused by Covid-19, our investors have demonstrated their belief in our unique proposition and the team we have built to bring our vision to the UK market.”
Robin Godenrath, Managing Director at Picus Capital, added: “Selina Finance is bringing much-needed innovation to the UK lending space by allowing customers to access the equity locked up in their residential property, seamlessly and on flexible terms. The team impressed us with their strong focus on building a fully digital customer experience and have already achieved great product-market fit with their business loan use case. We’re excited and confident that Selina’s consumer proposition will also become an attractive alternative in the consumer lending space.”
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