Crowdfunded lending platform The BridgeCrowd has rebranded as SoMo and announced investment funding of £300m backed by Deutsche Bank.
SoMo – which stands for Social Money Limited – has also reported that the business has passed £132m in lending since inception, and made a net profit before tax of £3.7m for the 2019/20 financial year.
“We have seen significant and steady growth under the BridgeCrowd name, not rushing to increase the loan book at the expense of the quality of our loans,” said Louis Alexander (pictured), chief executive of SoMo.
“This has served us well in the face of a difficult year, allowing us to deliver for borrowers, brokers and investors.
“We have helped businesses to remain resilient and grow by using sensible alternatives to traditional lenders, providing flexibility and support in the changing environment we’re currently experiencing.
“Now we are preparing for our busiest 12 months to date as we predict more brokers and lenders will need to explore specialist loan options to aid their resilience and recovery in light of Covid-19.”
The £300m funding line from Deutsche Bank will be used to continue a sustainable growth trajectory and to increase SoMo’s lender and borrower base in the UK.
“The new SoMo brand is a pivotal point in the development of the business and demonstrates how we are evolving into a more mature company, one that seeks to differentiate itself while still providing a secure and expert service for our customers,” added Alexander.
“Our results stand head and shoulders above the crowd and it’s time our brand did too.”