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Peer2Peer Finance News | August 24, 2019

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Funding Circle, Zopa and RateSetter named among fastest growing tech firms

Funding Circle, Zopa and RateSetter named among fastest growing tech firms
Marc Shoffman

THE ‘big three’ peer-to-peer lending platforms have been recognised among Great Britain’s fastest growing technology firms.

Zopa, Funding Circle and RateSetter have been included in latest Tech Track 100, featured in the Sunday Times.

The annual league table, compiled by research firm Fast Track, ranks the 100 fastest growing private tech companies in the country by sales over the previous three years.

Read more: Can P2P lenders compete on personal loan rates?

The list was topped by personalised children’s books company Wonderbly, while former P2P platform LendInvest ranked at 37, with average sales over three years of 97.9 per cent.

Judges highlighted that the firm has taken a 10 per cent share of the short-term mortgage market.

Read more: Zopa and Funding Circle awarded Superbrand status

Funding Circle was the highest ranked out of the ‘big three’ lenders, placed at number 27.

The business P2P lender has posted average three-year sales growth of 111.8 per cent and has advanced more than £3bn to 33,000 businesses in Britain, America, Germany and the Netherlands, according to the list.

Zopa, described as the “first European P2P lender to exceed £2bn in loans,” came in at number 49, with average sales growth of 83.4 per cent over three years.

RateSetter was the lowest ranked of the three P2P firms, at 62, with average growth of 68 per cent over three years.

“Under co-founder and chief executive Rhydian Lewis, it has raised £30m from investors including veteran fund manager Neil Woodford and sales, which are made up of fees, hit £23.7m this year,” the report said.

“In May, it appointed City veteran Paul Manduca as chairman, as it gears up for a stock market float.”

Read more: RateSetter, MarketInvoice and LendInvest make this year’s Fintech50 list