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Peer2Peer Finance News | May 27, 2019

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LendingCrowd tops 200 cumulative loan deals after record month

LendingCrowd tops 200 cumulative loan deals after record month
Suzie Neuwirth

LENDINGCROWD announced that it has completed more than 200 loan deals since launch, following a record month for the platform.

The Edinburgh-based peer-to-peer lender said on Wednesday that it saw £2.5m of funds flow into the platform in August and completed four Scottish deals at a value of more than £400,000.

LendingCrowd has now lent out more than £18m since the business was launched in late 2014.

LendingCrowd has been bolstering its senior team, having hired former RBS and Clydesdale Bank director Adrian Innes as head of origination. He will lead business development activity, reporting to chief executive and co-founder Stuart Lunn.

The firm is targeting an increase in lending to Scottish businesses over the next 12 months, as more than 80 per cent of its business borrowers are currently located in different parts of the UK.

Read more: LendingCrowd extends £150 cashback offer after record month

“We’re on track for a record quarter and it’s great to have Adrian leading our business development push, particularly in Scotland where he brings a strong network of business owners and advisers and where we see real potential for further growth,” said Lunn.

“LendingCrowd has built a reputation as one of the best and most trusted P2P lenders in the UK market,” said Innes. “I’m excited to join Stuart and the team at this pivotal time in the company’s growth as we look to significantly increase the loan book over the next year [and] look to win even more business in Scotland and across the UK.”

The lending milestones follow a busy 12 months for the company, in which it gained full Financial Conduct Authority authorisation, launched its Innovative Finance ISA and raised £1.5m from its first external equity funding round.

It has also secured a partnership with Scottish Enterprise whereby its investment arm, the Scottish Investment Bank (SIB), has agreed to invest £2.75m in LendingCrowd loans.

Lending Crowd has over 3,000 investors signed up to its platform. Deals range in size from £20,000 to over £1m.