Broker Sues P2P Lender For £4.2M Unpaid Commission

Law360, London (October 13, 2020, 5:31 PM BST) -- A Hong Kong-based investment broker has sued Zopa Group for £4.2 million ($5.4 million) in unpaid commissions under an introduction agreement the companies entered to help the peer-to-peer lender finance its U.K. banking license.

Kinled Investments Ltd. brought a High Court suit accusing London-based Zopa Group Ltd. of breach of contract. Kinled said in its filing, dated Sept. 20 but recently made public, that the peer-to-peer lender failed to pay a 3% commission on a £140 million investment it received from IAG Silverstripe after the broker introduced the parties.

Silverstripe had already invested £10 million in Zopa Group, which was fundraising...

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