Barclays Africa acquires 49% in South African P2P firm RainFin

Barclays Africa has acquired a 49% stake in South African P2P platform RainFin.

The new cash flow will help boost RainFin’s product range. According to RainFin, the new products will include supply chain finance, enterprise development funding, fixed asset purchases and mid-sized corporate debt products.

“This shows that the peer-to-peer lending model has come of age in South Africa and this transaction brings the concept into the mainstream of the country's financial services sector," said Sean Emery, CEO, RainFin.

A number of large banks have been looking into peer-to-peer lending services, with names like City Group, Capital One, Bank of Montreal and Deutsche Bank acquiring loans originating from P2P platforms.

"We believe that a well-structured, suitably regulated, scalable and secure peer-to-peer Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term will compliment and supplement our present lending channels," a Barclays Africa spokesperson added.

Neither Bacrlay’s Africa nor RainFin have commented on amounts or specific terms regarding the 49% Acquisition Acquisition Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There Read this Term.

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