Younited connects to Bpifrance for $47.8m

Bpifrance has contributed to a $47.8m funding round for Younited Credit, which will use the money to launch its crowdlending platform in more countries.

France-based peer-to-peer lending platform Younited Credit has raised €40m ($47.8m) in a funding round that featured Bpifrance, the French government-owned investment bank.

Bpifrance committed capital through its Large Venture Fund. It took part alongside financial services firm Crédit Mutuel Arkéa and insurance providers AG2R La Mondiale and Matmut, which contributed through its Matmut Innovation unit.

Remaining investors included Weber Investissements, Eurazeo, and Zencap Asset Management.

Founded in 2011 as Prêt d’Union, Younited Credit operates a crowdlending platform that enables consumers to borrow between €1,000 and €40,000 from other users and businesses.

The platform uses machine learning to determine credit worthiness. The company has processed €500m in loans to date, including €250m over the past year.

The funding will go towards further expansion across Europe, where Younited is already active in France, Italy and Spain. It will also support product development, including the ability for third parties to integrate the service into their own offering, and improved customer experience.

Younited Credit has now raised €103m in total funding. Media company Schibsted and insurance firm AG2R La Mondiale contributed to a €21m series D round in 2015 led by Eurazeo, with participation from Crédit Mutuel Arkéa, Weber and private investor Pierre Kosciusko-Morizet.

AG2R La Mondiale earlier also participated in a €10m series C round in 2013 that featured Crédit Mutuel Arkea, Weber and Kima Ventures.

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