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Peer2Peer Finance News | September 18, 2019

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LendingCrowd hits record month for loans

LendingCrowd hits record month for loans
Marc Shoffman

LENDINGCROWD recorded its best-ever month for completed loan deals in May.

The peer-to-peer business lender said on Friday that it facilitated £3m of lending last month, securing loans for 36 borrowers across a range of sectors.

The Edinburgh-based firm is targeting £40m of lending for 2018, more than double the figure for last year.

“The support from our investors highlights the progress we’ve made since our launch in late 2014 and the potential for us to scale significantly this year,” Stuart Lunn (pictured), co-founder of LendingCrowd, said.

“I’m confident that, as we expand our sales and marketing activities, we’ll continue to grow our loan book as more small businesses turn to us for their funding needs. At the same time, investors are attracted by our suite of products that offer inflation-beating returns.”

It comes after the company secured £2m of external funding in a round that was led by angel syndicate Equity Gap and included the Scottish Investment Bank along with a number of prominent private investors from Scotland’s entrepreneurial and finance scene.

The platform has also announced an investor incentive for those who sign up with the platform.

Anyone joining before 29 June and who lends £2,000 within 14 days will receive a £100 cashback bonus.

Read more: LendingCrowd lenders show appetite for growth IFISAs

Read more: LendingCrowd tops 200 cumulative loan deals in record month