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fintech
March 24 2020

Augmentum Fintech backs Zopa to beat coronavirus crisis

Marc Shoffman Industry News, News, Top 3 Augmentum Fintech, investment trust, Zopa

Zopa backer Augmentum Fintech has expressed confidence that the peer-to-peer lender can ride the coronavirus uncertainty.

The platform makes up nine per cent of the alternative finance-focused investment trust’s portfolio and it said in an investor update that it has historically shown little volatility relative to the stock market

“At Zopa, the rate of return for investors on the platform has historically shown little volatility relative to the public markets,” Augmentum Fintech said.

“Individual investments are spread across multiple borrowers which, together with world class underwriting and strong tech capability, is how they’ve been able to offer positive returns for the last 15 years through both downturns and upturns.

“Zopa constantly monitors external factors for any impact on their customers’ ability to repay their loans. In recent months, Zopa has already been through two rounds of targeted tightening on who they lend to and has responded quickly to the changing situation with further measures to reduce credit risk which are expected to result in lower lending volumes while the situation persists.”

Read more: Zopa write-down dulls Augmentum Fintech growth

Read more: Zopa investor seeks public listing for new fintech fund

Augmentum Fintech said Zopa’s P2P business has been profitable since 2016 and it is leveraging its strong experience, technology and people to adapt quickly and make any changes necessary to navigate through the current situation.

The investment trust said it is in constant dialogue with all its holdings.

Read more: New fintech fund could boost P2P sector

Waterfall given more time to consider Pollen Street Secured Lending offer IFISAs: Universal appeal

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