Peer2Peer Finance News
The UK's first peer-to-peer finance magazine for investors and the industry
  • Home
  • News
    • Personal Finance News
    • Industry News
    • SME News
    • Global News
  • Property
  • IFISA
    • IFISA Guide
  • Video
  • Open Banking
  • Cryptocurrency
  • Features
    • Joint Ventures and Promoted Content
  • Comment & Analysis
  • What is P2P?
  • Partners
  • Events
    • Past Events
  • P2P Power 50
    • Power 50 2020
    • Power 50 2019
    • Power 50 2018
    • Power 50 2017
  • Sign up to our e-newsletters
  • Magazine
  • Directory
  • Jobs
  • My Account
    • Manage Account
    • Change Password
    • Log In
    • Log Out
shutterstock_734391004
September 8 2020

EasyMoney narrowed losses in 2019 and eyes profitability in 2021

Kathryn Gaw Industry News, News, Top 3 easyMoney, Warrener Stewart

Property-backed peer-to-peer lending platform EasyMoney saw its losses narrow in 2019 while revenue increased, as the platform hopes to become profitable in 2021.

According the directors’ report and financial statements summary published on Companies House, in the 12 months ending 31 December 2019, EasyMoney made an operating loss of approximately £1.023m. For the 12 months ending 31 December 2018, operating losses were just over £1.47m.

Read more: Financial Ombudsman Service data reveals decline in P2P lending complaints

The platform’s turnover increased to £801,051 in 2019 – up from £306,465 the previous year. This led the independent auditors Warrener Stewart to state that the company is on course to reach profitability in 2021.

“Although the company realised a loss for the year, this was after continuing investment in marketing and platforms development and the increase in revenues means that losses are reducing,” the auditors wrote in the directors’ report and financial statements.

“The company is projected to incur further, but reduced losses in the current financial year and to move into profitability in 2021 and beyond. In the meantime, the business enjoys a strong capital base and considerable support from its investors.”

Read more: Crowd With Us completes first deal under new model

The auditors added that they expects demand for specialist lending to remain strong in the medium term, due to the economic impact of the pandemic.

“Because of the Covid-19 pandemic, the second quarter of 2020 is experiencing an impact on financial markets and day-to-day working,” said the auditors.

“As a result, a series of precautionary and control measures has been implemented and the board is paying close attention to the development of the pandemic and its potential impact on the business.

“Demand for specialist lending is likely to remain strong in the medium term. The company has brought into play business continuity measures such as remote working and the board is not currently aware of any material adverse impact on the 2019 financial statements as a result of the Covid-19 pandemic.”

Read more: FCA urged to ban P2P lending access accounts

Crowd With Us completes first deal under new model Fintech leaders launch Fintech for All Charter

Related Posts

CLOSED Out of business shop sign vector illustration

Industry News, News, Top 3, Uncategorized

SME lender warns many companies will not survive

London, UK - Downing street offices, entrance gate

Industry News, News, Top 3

Government responds to P2P fraud query

Neil Faulkner, 4thWay

Features, Top 3

The risk hunter: 4th Way’s Neil Faulkner

Popular posts:

  • MP queries level of fraud in P2P lending
  • Aave launches higher risk, higher return option for…
  • Some firms set to pay more than maximum CBILS interest rate
  • Growth Street to return 100pc of investor funds
  • A year in the life of the 36H Group
  • Investors urged to look at ISA options ahead of…
Back To Top
  • Home
  • Contact
  • About
  • Team
  • Advertising
  • Subscribe
  • Privacy
  • T&Cs
  • Disclaimer

Follow Us on Social Media

© Peer2Peer Finance News 2020
• Additional design by