German peer-to-peer lending platform Creditshelf achieved its strongest quarter in company history in the three months to March.
The small- and medium-sized enterprise (SME) finance provider said its arranged loan volumes reached €37.6m (£32.5m) in the first quarter of 2021, a 224 per cent year-on-year increase from €11.6m in the first quarter of 2020.
The platform said growth was based on a balanced mix of new and existing customers.
Creditshelf saw its outstanding loan volumes grow to €129.2m at the end of the first quarter 2021, up from €82.1m at the end of the first quarter of 2020.
In the first quarter the average term of arranged loans was 27.4 months and the average volume-weighted interest rate on the arranged loans was nine per cent, compared to 24.9 months and 9.2 per cent respectively in the same period last year.
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“Our strong performance at the beginning of this year shows that our business model is working and that we have been able to accelerate our growth despite the ongoing crisis,” said Dr Tim Thabe, chief executive of Creditshelf.
“Supported by the institutional financing partners we onboarded in the previous year, we are serving the high financing needs of the German SME sector – needs which are not fully covered by banks or government aid programs.
“With such a great beginning to the year, I am very confident about our growth path in 2021.”