Growth Street has lent out more than £500m

GROWTH Street has announced that it has funded more than £500m-worth of business loans, as it looks to diversify its funding channels.

The peer-to-peer business lender unveiled the milestone on Thursday, adding that it coincides with the firm’s desire to diversify its investor offering.

It recently appointed MarketInvoice’s Aman Mehra to lead its efforts to attract institutional investors and launched its Innovative Finance ISA in May.

“Matching over £500m worth of loans – to support British businesses achieve their plans for growth – is something the whole team should be proud of,” said Growth Street’s chief executive Greg Carter. “But we aren’t stopping here. We have some ambitious goals for 2019 and beyond as we look to support more growing businesses whilst also developing our investor propositions.”

Growth Street has raised £17.5m of equity funding in two rounds led by Merian Global Investors this year, including a £10m raise last month. It plans to use part of the proceeds to diversify its debt funding base by adding institutional investors.

The platform is looking to transform the business overdraft market. Its flagship product, GrowthLine, offers a flexible, overdraft-style line of credit for small- and mediums-sized businesses.

Read our exclusive interview with Carter in the July issue of Peer2Peer Finance News magazine.