Penningtons Manches’ corporate and India group teams have advised Mumbai-based Wadhawan Global Capital on its £33 million investment in leading UK peer-to-peer lender Zopa.
This is the first investment the Indian financial services group has made in the UK alternative finance market. The investment will allow Zopa to seek permission from the FCA to carry out banking activities in the United Kingdom.
India group relationship partner Phillip D'Costa and consultant Teja Picton-Howell led the Penningtons Manches team, supported by Bryan Park and Alexandria Dempster. Phillip D’Costa commented: “We’re very proud to have advised Wadhawan on this investment in one of the highest profile UK peer-to-peer lenders. Wadhawan is an exciting and ambitious client and it was a pleasure to support them throughout the process.”
Wadhawan Global Capital is the family office of the Wadhawan Group of Companies and invests in a variety of sectors including housing, technology, media and financial services.
Zopa was the world’s first peer-to-peer lending website, bringing borrowers and savers directly together. It remains the UK market leader offering investment products where money is lent to UK consumers looking for personal loans.
Zopa was advised by Morgan Lewis.