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Peer2Peer Finance News | August 25, 2019

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Lendy launches new cash incentives

Lendy launches new cash incentives
Anna Brunetti

LENDY is launching two cashback offers for new and existing investors, as it looks to maintain its strong growth trajectory.

The peer-to-peer property specialist will give clients who refer friends and acquaintances a bonus of five per cent of the interest earned on their referee’s investment.

The return pot will be paid monthly for a one-year term, the firm told Peer2Peer Finance News, as it looks to launch the offer on Thursday.

Read more: 2017 will be the year that P2P finally matures, says Lendy

Meanwhile, newcomers will get a £50 sweetener when they invest a minimum of £1,000 for at least three months.

“Most of us know that you can’t get much better than a personal recommendation for a product or service,” said Paul Riddell, head of marketing at the firm.

“As part of a number of enhancements to the Lendy service this year, the all-new refer-a-friend scheme will reward investors for any friends referred as well.”

The firm is currently less dependant on attracting investor demand after it experienced a period of high growth, Riddell said.

The platform received £70m of new inflows in the five months to May, which increased its total amount of investment to date to £320m, meaning it is focusing on new origination at present.

“However, the investment side remains core to our strategy,” Riddell said.

Read more: Lendy unveils loan default numbers