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Peer2Peer Finance News | June 25, 2019

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Lending Works passes £100m lending milestone

Lending Works passes £100m lending milestone
Kathryn Gaw

LENDING Works has passed its £100m lending milestone, doubling its year-on-year growth.

The peer-to-peer platform consumer finance platform had lent £100,099,590 by Monday 9 April, with consumer lenders allocating an average amount of £19,339. On Monday morning there were more than 3,862 active lenders on the platform, funding an average of 196 loans each.

The platform has grown considerably since its launch in 2014. In its first year of operation, Lending Works lent just £5m. In April 2017, the company broke the £50m lending barrier.

Earlier this year, Lending Works’ chief executive Nick Harding (pictured) told Peer2Peer Finance News that he wants the platform to have lent at least £1bn by 2022.

“[In 2018] we’ll write £100m of loans,” he said. “That’s 100 per cent year-on-year growth which is what we’ve had since launch in 2014. It hasn’t slowed even though the base has got bigger.

“We’re more confident in the 2018 numbers than we ever have been in previous years, and hopefully I’ll be sitting here in 2019 and saying the same thing.”

To date, Lending Works has funded 16,743 loans – 99.5 per cent of which are personal loans. It launched its Innovative Finance ISA in February 2017, to unprecedented demand, and currently offers returns of six per cent per annum over five years, and 4.5 per cent over three years.