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UKHotViews©

 

Wednesday 06 December 2017

Payday lender Oakam wins victory loan

logoChicago-based lender Victory Park Capital (VPC) is on a bit of a roll here in the UK with two investments in quick succession. Having recently (in effect) acquired ‘posh e-pawnbroker’ Borro, (see Backer calls in loan on posh e-pawnbroker Borro), VPC has just announced a £35m debt investment in London-based payday lender, Oakam. Oakam mainly serves the ‘unbanked’ and those with poor credit history, offering loans from £200 up to £5,000 at a 1,421% (representative) variable APR. Founded in 2006, and backed by Cabot Square Capital, Oakam secured a line of credit with RBS in February 2016.

One wonders whether VPC has the same end-game in mind for Oakham as it did for Borro.

Posted by Anthony Miller at '09:42' - Tagged: funding  

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