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Peer2Peer Finance News | August 24, 2019

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Investments snowball on Crowdstacker during extreme weather

Investments snowball on Crowdstacker during extreme weather
Marc Shoffman

THE ‘beast from the east’ may have prompted investors to make use of their snow days by sorting out their investments.

Peer-to-peer business lender Crowdstacker has revealed that investments have more than doubled on its platform since Tuesday when snow storms first started battering the UK’s shores.

Similar increases were seen in general platform activity, with almost twice as many people taking the opportunity provided by a few unexpected days off work to browse investment information.

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“The blizzards and gale force winds battering the country appear to have encouraged investors to make the most of their time off work by getting some financial housekeeping sorted,” Karteek Patel, chief executive of Crowdstacker, said.

“We would expect increases in activity and investment in the run up to the close of the tax year, but the spikes we started seeing from Tuesday onwards were very unusual, and the activity continues.”

He suggested people had extra time on their hands and were taking the opportunity to do some research and sort out their money, but he also urged investors to make the most of the snow and go out sledging or building snowmen.

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