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Peer2Peer Finance News | September 23, 2019

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Profits up at British Business Investments as fintech portfolio grows

Profits up at British Business Investments as fintech portfolio grows
Tim Evershed

BRITISH Business Investments, the commercial arm of the British Business Bank, has reported a 23 per cent jump in pre-tax profits in its full-year results.

The state-backed lender’s gross annual income of £76.2m delivered a pre-tax profit of £67.9m for the year ending 31 March 2018.

British Business Investments (BBI) also increased its investments in the fintech sector to £92m, with a further £43m committed during the year.

It said it now supports 15,868 businesses through its fintech portfolio, up from 11,275 the year before.

Read more: Business angels favouring fintech investments

BBI also reported that its lending through peer-to-peer platforms and invoice finance providers had grown exponentially over the past five years.

It said that lending from these alternative sources of finance was up from under £100m in 2012 to £2.4bn in 2017.

“Our latest investments have enabled us to increase the supply of capital to a broad range of small and medium-sized businesses, recognising their importance to the success of the UK economy,” said Catherine Lewis La Torre, chief executive officer of BBI.

Read more: British Business Bank’s commercial arm unveils big jump in profits

“In the 2017/2018 financial year we have again produced tangible results, and I look forward to building on this success further as we address the challenges and opportunities of the year ahead.”

Overall the BBI currently has £1.2bn invested, alongside £9.1bn of private sector capital, across 58 investment partners.

It said that it now supports 27,000 businesses across the UK, an increase of 51 per cent on last year.

Read more: British Business Investments commits £15m to Balderton’s new fund