Peer-to-peer lending platforms Lending Works and Lendable have been named in a list of the top 100 fastest-growing tech companies in the UK.
Both consumer P2P lending platforms made the annual Tech Track 100 league table, compiled by research firm Fast Track and featured in The Sunday Times, which ranks the nation’s 100 fastest-growing private tech companies.
However, both platforms dropped down the table this year, falling from sixth and 21 respectively in last year’s list to 10 and 52 this year.
Lendable was placed at 10 with a 165.52 per cent annual sales rise over the past three years.
Last year, Lendable achieved £32.2m in revenues and secured £700m to finance loans on its platform from investors including Goldman Sachs Private Capital and Waterfall Asset Management.
Fast Track recognised that the platform recently launched its first credit card, with car finance soon to follow.
Meanwhile, Lending Works, which was acquired by alternative investment manager Intriva Capital in July, came in at 52 on the list with a 74.82 per cent annual sales rise over the past three years.
Revenue hit £7.6m last year and the firm aims to reach annual lending of £1bn within the next five years, although it is currently undergoing a normalisation period where it isn’t lending.
Fast Track noted that Lending Works has added an automated payment holiday feature to its platform to support its loan customers and uses data science to improve client experience.
Digital banking provider Revolut climbed from third place last year to top the list in 2020 with a 309.89 per cent annual sales increase over the past three years.
Assetz Capital, which was placed at 53 in last year’s Fast Track 100, did not feature this time around.
Other fintechs or alternative lenders did though, including OakNorth Bank, which came in at 16, and ComplyAdvantage, a tech firm that detects financial crime, which was ranked at 18.