Assetz Capital turns a “seven figure” profit as it approaches £300m lending milestone
ASSETZ Capital is approaching £300m of total lending to businesses and expects to lend the same amount this calendar year, the platform has announced.
The peer-to-peer lender said revenues for the financial year from April 2016 to March 2017 were more than £10m and said its pre-tax profit was a “seven figure sum.”
Stuart Law, chief executive of Assetz Capital, says 20,000 investors have signed up to the platform since launch four years ago, with £126m lent during the financial year and £60m due to be lent between April and June 2017.
“Nowadays there’s the assumption that any fintech business won’t make a profit for many years, if at all,” Law said.
“The mark of success for the P2P market has been lending totals , but like all businesses, lending platforms should be judged on the sustainability of their business model and ability to fund their own growth through profits.
”We are proud to say that Assetz Capital is one of the very few platforms making a noteworthy profit at the moment. It’s testament to our experienced team that we had such a successful past year.”
It comes after Assetz Capital launched a new property-secured investment account, tapping into growing demand from its more cautious investors.
The account is the first of two new products the business lending platform will add to its range.