ONLINE property lender LendInvest has reported an 82 per cent jump in core earnings, as it looks to disrupt the UK mortgage market.
LendInvest, which used to be a peer-to-peer lender before it shut its platform to retail investors, posted core earnings of £4m for the year ended 31 March 2019, up from £2.2m the previous year.
The firm, which is considering a stock market flotation, said that platform assets rose by 69 per cent to £788.3m over the same period, while revenue rose by 36 per cent to £72.7m.
Christian Faes, co-founder and chief executive of LendInvest, said that the results showed that fast growth fintech businesses can invest in technology while also making a profit.
“The UK mortgage market is dominated by banks which are slow moving, suffocated by ever-changing regulation, legacy processes, and technology from the 80s,” he added.
“This £300bn market represents a significant opportunity and it is LendInvest’s mission to disrupt it.
“These results show that we are well on our way to building a business that is going to be a substantial player in the UK mortgage market in the years ahead.”
LendInvest has offered a buy-to-let product since 2017 and is set to unveil its first homeowner loan product this year.
It has secured more than £500m in new funding from a mix of investors and institutions, including a £200m funding line from HSBC to support the launch of its homeowner loan product.
The firm also offers listed retail bonds through its subsidiary LendInvest Secured Income.