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Peer2Peer Finance News | August 17, 2019

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Lendy incorporates Saving Stream under unified brand

Lendy incorporates Saving Stream under unified brand
Anna Brunetti

LENDY is set to integrate its investor-facing platform Saving Stream with its borrower-facing Lendy brand, to support the platform’s growth and facilitate its clients’ experience.

Starting from this week, the peer-to-peer lender’s investors and borrowers will be able to use the same platform and website,

The unified website will also feature a new automated banking service, which Saving Stream introduced last week after a few days of testing. The IT system enhancements will allow the platform to process investors’ deposits more speedily and more regularly.

“It is both a feature that we have been building for a while, and one that many of you have called for since we withdrew the invest now and pay later facility on 1 March 2017,” said the firm.

The improvement plan comes shortly after the platform experienced IT glitches at its third-party bank payment system on 16 March, which resulted in investors’ funds not being processed on time.

Meanwhile, Lendy said this week’s integration, which follows positive feedback from existing users, will simplify its branding and make it more accessible.

The updated Lendy platform will provide UK property finance and development loans, offering investors returns of up to 12 per cent.

Read more: Saving Stream updates default and secondary market rules

“We’ve always been the leaders in bringing simplicity to property investment, and our new branding reflects that,” said the firm’s head of marketing and communications Paul Riddell.

“Unifying our lender and borrower brands together under one banner, and on a single online platform, is a step that allows us to streamline our process and make our offering simpler for the entire market.

“Lendy has proven enormously popular with both lenders and borrowers over the past year, with very strong growth in the number of lenders, number and value of loans, and the amount we’ve returned to lenders in interest.”

Read more: Saving Stream warns of commercial property “funding gap”

To date, the P2P platform has lent £285m to property developers, returning £20m of interest to 15,000 investors. Its user base has almost trebled since early 2016, when the firm counted 5,600 clients.

The firm originated 75 new loans last year.

“We’re looking forward to Lendy continuing to lead the P2P property finance market by sticking to the simple things that lenders and borrowers want – security, returns and quick decisions,” Riddell said.