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Peer2Peer Finance News | September 16, 2019

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Lending Works narrows losses in 2017

Lending Works narrows losses in 2017
Marc Shoffman

LENDING Works narrowed its losses last year, while increasing its headcount.

Small company accounts filed by the peer-to-peer consumer lender for the year ended 31 December 2017 showed a loss of £1.41m, taking its overall cumulative profit and loss account down to £5.3m.

This is a smaller loss than the £1.57m posted in 2016.

Read more: Lending Works passes £100m lending milestone

There is no requirement for businesses to reveal revenues in their small company accounts.

The London-headquartered firm grew its number of employees from 22 to 29 over the year, the accounts showed.

The accounts precede a busy period for Lending Works. In February 2018, it revealed that it was developing its own Open Banking infrastructure with credit reference start-up Credit Kudos and in July this year, it announced that it had secured £2.8m of private equity funding.

The capital raise was led by UK private equity house Maven Capital Partners, with £800,000 of backing from Pollen Street Capital and NVM Private Equity.

Nick Harding (pictured), chief executive of Lending Works, said at the time of the July announcement that the proceeds will be used to fund growth through further investment in sales and marketing and in the company’s strategic partnership channels.

Lending Works’ loanbook is currently at £133m as of the beginning of September, with more than 5,000 lenders and funding 21,708 loans.

At the start of this year, Harding told Peer2Peer Finance News that he wants the platform to have lent at least £1bn by 2022.