El-Erian buys stake in P2P lender

clock

Mohamed El-Erian, the former PIMCO chief executive who famously quit the firm after falling out with founder Bill Gross, has invested in the peer-to-peer lending industry.

El-Erian has reportedly taken a stake in P2P group Payoff, acting as the lead investor in a $12m equity raising. El-Erian (pictured) has also put money into the new venture's lending vehicle, according to the FT. Payoff aims to help borrowers refinance their debt at lower rates than big banks and credit card companies, and will use behavioural science to augment its business, its CEO said. The investment by El-Erian is his first corporate venture since he quit PIMCO - which operates the world's largest bond fund - in January following reports he had clashed with Gross.

To continue reading this article...

Join Investment Week for free

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now

 

Already an Investment Week
member?

Login

More on Economics

BoE's Catherine Mann optimistic on inflation hump

BoE's Catherine Mann optimistic on inflation hump

Following central bank's cut last week

Beth Brearley
clock 11 February 2025 • 2 min read
UK dealt another blow as permanent vacancies decline at steepest rate since mid-2020

UK dealt another blow as permanent vacancies decline at steepest rate since mid-2020

Salary growth also slows

Linus Uhlig
clock 10 February 2025 • 2 min read
BoE adopts 'dovish tilt' in interest rate cut amid inflationary concerns ahead

BoE adopts 'dovish tilt' in interest rate cut amid inflationary concerns ahead

Following 25bps cut

Linus Uhlig
clock 06 February 2025 • 3 min read
Trustpilot