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Peer2Peer Finance News | August 21, 2019

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LendingCrowd passes loan landmark on anniversary

LendingCrowd passes loan landmark on anniversary
Tim Evershed

LENDINGCROWD has passed the landmark of 500 loan deals in the week of its fourth birthday, sparking a double celebration.

The lending milestone brings the peer-to-peer business lender’s cumulative loan volume to more than £45m.

LendingCrowd said that it has doubled its loan book in both 2016 and 2017 and is on track to do so again this year.

The milestones follow last week’s announcement that the Edinburgh-based P2P lender had named City veteran Sir Sandy Crombie (pictured right, with founder and chief executive Stuart Lunn) as its new chairman.

“Exceeding the 500 loans mark on our fourth birthday is certainly cause for celebration for the whole team in what has been a momentous year for LendingCrowd,” said Lunn.

Read more: LendingCrowd to seek VC funding as lending triples

“In March 2018, we announced our £2.2m external funding round, which was led by angel syndicate Equity Gap and included Scottish Investment Bank, along with a number of prominent investors from Scotland’s entrepreneurial and finance scene.

“We also delivered record levels of support to SMEs in the first half of the year, with total lending almost trebling to £13.9m.

“Having laid solid foundations over the past four years, and with Sir Sandy on board as chairman, I believe we’re in a stronger position than ever to continue on our growth trajectory – creating opportunities, creating jobs and creating futures.”

Read more: LendingCrowd hits record month for loans