UK fintech lender Lendable Ltd. raises £500 million (about $670 million) through the sale of securities backed by a portfolio of personal loans, according to multiple reports. The funding is intended to support the company’s plans to expand its lending activities. The transaction involves Lendable selling notes backed by a pool of unsecured consumer loans to private investors within the United Kingdom. Bloomberg reports the deal supports Lendable’s broader ambitions to push further into lending, while PYMNTS.com describes the financing as finalized on July 9, citing Bloomberg and referring to unnamed sources. Both accounts characterize the mechanism as an asset-backed structure where the repayment performance of the loan portfolio underpins the securities issued. The reports do not provide further details on the size of the loan portfolio, pricing, investor composition, or final maturity terms of the securities. Overall, the sources agree that the company is using securitization of personal loans to raise new capital for continued growth in consumer lending.