European peer-to-peer lending platform Neo Finance funded a record €5.73m (£4.95m) of consumer loans in the first quarter, up 17 per cent year-on-year.
Meanwhile, the number of registered lenders on the platform grew by 27 per cent year-on-year and the number of active investors increased by 564 to reach a total of 12,865 at the end of March.
The platform increased its maximum loan size for its most creditworthy borrowers to €25,000 and extended the repayment period to 10 years. It also increased its maximum loan size for C-rated borrowers to €14,000.
The firm also announced that €3.48m of transactions were completed using its e-money product Neopay. This was up from €1.24m in the same quarter last year.
Neo Finance expanded Neopay to over 100 connected financial institutions after large banks in Poland, Sweden, Finland and Norway integrated with the service in the first quarter.
In the first three months of 2021, an increasing number of international partners and referral programs attracted 1,499 new registrations to Neo Finance.
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