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Peer2Peer Finance News | August 23, 2019

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Lending Works hits £50m funding mark

Lending Works hits £50m funding mark
Anna Brunetti

LENDING Works announced on Wednesday it has lent £50m to UK consumers, a figure it is looking to double “very soon”.

The country’s third largest peer-to-peer consumer lending platform also said that it has hit the 10,000 client milestone, ramping up both its investor and borrower bases.

While it has significantly benefitted from “unbelievable demand” from its recently launched Innovative Finance ISA (IFISA), it said it is seeking to leverage a range of other channels to grow its business.

“It’s incredibly rewarding to have come as far as we have since launching just over three years ago” said the firm’s chief executive Nick Harding (pictured).

“It is at times like this that I want to thank our extraordinary team for their hard work and determination. We could not ask for more dedicated colleagues.

“That said, we prefer to look forward rather than back, and with many exciting and ambitious new initiatives in the pipeline, we expect to breach the £100m barrier very soon, and to grow our business exponentially thereafter. Our best days most certainly lie ahead.”

The platform, which allows investors to chose between a three per cent and a five per cent return rate on loans of equal duration, had to increase its IFISA inflow cap to £5m in February after attracting about £1.5m of funds within the first 24 hours of the launch of its tax-free wrapper.

It said it would reopen the platform for IFISA investments in fixed tranches on a regular basis over the year.

The firm unveiled a new partnership with money management app Revolut last month as part of its strive to match growing inflows with a broader borrower network, and is in the process of finalising other collaborations and projects that will be pivotal in boosting its lending capacity, it recently told Peer-to-Peer Finance News.