Brexit? Pah! P2P lenders on hiring drive

RECRUITMENT in the peer-to-peer lending sector is going full steam ahead, with a number of the major platforms looking to substantially increase their headcount to support their business growth.  

The plans fly in the face of post-Brexit warnings of a hiring freeze in the UK, as businesses navigate economic uncertainty.

Funding Circle is on a continued expansion drive to add 150 employees globally in 2016, a spokesperson said. The small business lender, which has around 620 employees worldwide, is currently advertising around 18 vacancies in the UK and 45 roles in San Francisco.

Meanwhile Lending Works, which last week became the first of the Big Eight platforms to gain full Financial Conduct Authority approval, is looking to double its headcount by the end of next year, albeit from a smaller base than Funding Circle. The consumer peer-to-peer lender, which is based in London, currently has around 25 employees.

“We have already grown our team quite significantly this year, recruiting in many different areas of the business,” said a spokesperson. “This is something we expect will continue throughout 2017, and we are expecting to top 50 employees by the end of next year.”

RateSetter is also planning to increase its staff numbers during the current financial year, as part of its previously-announced plans to scale up the business. However, the company, which currently employs around 180 people, does not have a specific target in mind.

Last week, recruiter PageGroup said that confidence among employers in Britain is “fragile” following the vote to leave the EU, particularly in the financial services sector.