British consumer credit platform Lendable has raised £210m in funding at a valuation of more than £3.5bn.

Ontario Teachers’ Pension Plan Board led the round through its Teachers’ Innovation Platform (TIP), which is focused on late-stage venture and growth equity investments in technology firms.

Lendable will use the new funding for the development of new products and further its goal of international growth.

Founded in 2014, the platform uses artificial intelligence and automation to make credit underwriting decisions and offer better rates to consumers.

Lendable noted that the addressable consumer credit market in the UK is close to $3 trillion.

Lendable founder and CEO Martin Kissinger said: “We are excited to partner with TIP as we accelerate our expansion across products and markets. Our DNA from day one has been to bring transparency and fairness to consumer finance, and we are proud of the fantastic feedback we consistently receive from our customers.

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“TIP is a global growth investor with a long-term view who can support our ambition to make this giant market work better.”

TIP senior managing director Olivia Steedman: said: “Lendable’s seamless, quick and easy to use products, powered by advanced AI, are shaping the future of consumer finance. We’re delighted to work with Martin and his visionary team to deliver on Lendable’s growth ambitions.”

In November 2017, Lendable raised £300m from Castle Trust Capital, an investment and mortgage firm.