Firenze, the lending innovator redefining Lombard lending, has today announced a partnership with Parmenion.
Bristol-based Parmenion is the latest investment platform looking to offer the innovative Lombard lending solution to its clients and advisers.
Known for its adviser-centric proposition, the integration of Firenze enhances this offering to users of Parmenion’s platform. Clients of advisers utilising Parmenion’s platform are now able to borrow against the value of their investment portfolios without selling assets – known as Lombard lending.
Firenze was founded on the principle that Lombard lending – once reserved for the ultra wealthy clients of private banks – should be accessible to a much wider audience. In response, Firenze’s solution brings the flexibility, speed, and efficiency of Lombard credit to the mass affluent.
The partnership marks another success for Firenze as it continues to scale, partnering with innovative, agile firms like Parmenion to offer the solution to advisers. And at speed, with the Firenze going live on Parmenion’s platform within 8 weeks.
Firenze’s platform offers loans from £65,000, secured against clients’ investment portfolios, increasing liquidity for other investments. And because borrowing is secured lending with highly liquid collateral, Lombard lending offers lower interest rates compared to typical unsecured loans and allows decisions to be made in hours rather than weeks or months. The result means no disruption to investment plans or triggering capital gains – all while continuing to make gains from investment returns.
With the integration of Firenze, Parmenion advisers benefit from:
- Increased focus and improvement of investment decisions and portfolio performance – keeping clients invested rather than selling assets
- Increased speed of investment for clients, retaining ongoing fee revenue • Use of borrowing as a strategic tool for tax planning and optimal inheritance strategies
- Support clients with intelligent cash flow solutions, without sacrificing market exposure
- Differentiated from competitors – and competing against private banks
David Newman, CEO of Firenze, commented: “It is an absolute pleasure to be working with Parmenion. From the outset, getting to know the Parmenion team, and every interaction since, we have been nothing but impressed with their customer-centric attitude and desire to build solutions for their advisors in the right way; it is no surprise they are the most-recommended platform. Most excitingly, it is great to see that, so soon after launch, the Lombard lending proposition is already resonating with advisors. Assets are already being moved to Parmenion to allow advisors to better meet clients’ needs.”
Sarah Lyons, Chief Customer Officer at Parmenion said: “We’re delighted to partner with Firenze. The adviser and client benefit is clear – Lombard lending provides another option for investments, with clear upsides. But it’s the speed and innovation we’re particularly supportive of. We believe in being agile, and being able to offer this innovative solution is important for our advisers and clients – we’re proud to have done so within just 8 weeks and can’t wait to see the benefits Lombard lending brings to our end clients.”
The announcement comes on the back of a wider push for scale from Firenze, including the expansion of its London office, a series of strategic hires, and platform investment.
Firenze is backed by Outward VC (backers of Curve, PrimaryBid and Vauban) and led by an established team, including Daid Newman as CEO, Paul Pester as Chair (Virgin Money,
Tandem Bank and TSB), and Samantha Bamert (Barclays, Ask Inclusive Finance) and Mike Toole (Artorius, Baker Tilly, KPMG, Skipton) as board members.
Read the orginal article: https://ffnews.com/newsarticle/funding/firenze-integrates-with-parmenion-in-record-time-to-deliver-lombard-lending/
