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Peer2Peer Finance News | August 17, 2017

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Growth Street snaps up 1,000 investors

Growth Street snaps up 1,000 investors
Anna Brunetti

GROWTH STREET has hit the 1,000 investor milestone, six months after making its offering available to retail lenders.

The peer-to-peer platform, which channels funds to small UK businesses, has enjoyed a steady influx of demand from investors under 35 years old, although the heavier volumes came from older investors.

While millennials represent almost 40 per cent of its investor base and lenders over the age of 70 stand at a tiny five per cent, the firm told Peer2Peer Finance News that the older age group tended to invest three times as much as the 18-30 age group.

“We are thrilled to see that 1,000 investors have now signed up to Growth Street, demonstrating retail investors’ confidence in UK SMEs,” said the platform’s chief executive Greg Carter.

“We have listened to investor feedback over the past six months to improve our offer for individual and business investors alike.

“This is a significant milestone for Growth Street, and we look forward to welcoming thousands more investors over the coming months.”

The platform offers investors up to 6.5 per cent annual returns from 30-day loans, and has recently stepped up its strategy to attract new borrowers by widening its range of free data tools and readying a product for brokers.

Read more: P2P sector ready to take on institutional money challenge