Assetz Capital has made “another substantial payment” to the queue of investors waiting to withdraw funds and said it expects the speed of withdrawals increase.
On 9 March, the peer-to-peer lending platform said it would make this payment the following day. It has now reduced all eligible withdrawal requests by a total of approximately 50 per cent in the last month or so.
“Whilst this is anticipated to be the last lumped distribution from the access account cash balances, we’re pleased to announce that we are now in a position to allocate larger proportions of loan redemptions to the withdrawal queue,” Assetz Capital said in an update to investors.
“As a result, investors can expect to see the speed of withdrawals increase over the coming days. We’ll continue to keep you updated on our progress in normalising the access accounts.”
In February, Assetz Capital said it plans to return to new lending via its manual lending accounts and access accounts in the coming months, as the platform works to return to pre-Covid operations.
The platform said it remained committed to speeding up withdrawals from its access accounts, after announcing in December that it could start to consider accelerating withdrawals in the coming months.
Meanwhile, Assetz Capital plans on removing the lender fee by June.