FUNDINGSECURE’S loanbook approached £300m at the end of 2018 as the peer-to-peer lender promised a new approach to lending and investment.
The P2P pawnbroking platform told investors it would be making announcements in the coming months that would provide “new style offerings.”
It comes as the lender revealed its loan book hit £296,241,109 at the end of 2018 across 2,573 loans, returning £12.9m to investors.
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There were 27 loans in December, totalling £5.1m, which Funding Secure said was an expected slowdown for the end of the year.
“As previously advised this slowdown in loans being issued is, in part, due to the fact that we have deliberately reduced the number of new loans coming to the platform while we increase the level of staffing and make changes to systems and processes to support the planned introduction of a wider product range,” FundingSecure said.
In November 2018, the platform’s owners sold a majority stake in the business to new director Raj Kumar to raise money for their growth plans.
Experienced businessman Kumar has joined the P2P pawnbroker’s board last month and acquired a 75 per cent holding in the business for an undisclosed sum.
Some investors had speculated that the firm had been subject to a discrete takeover. However, FundingSecure director and co-founder Nigel Hackett told Peer2Peer Finance News that Kumar would not be involved with the day-to-day running of the business and would instead help to accelerate the platform’s growth plans.
This will include hiring more staff and expanding its product offering.
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