Peer-to-peer property lending platform EasyMoney made an operating profit of £57,184 last year, after posting a loss of more than £1.023m the previous year.
This took the company’s total profit for the 2020 financial year to £269,005 – up from an overall loss of £906,263 in 2019.
The company also doubled its turnover year-on-year to more than £1.68m, according to financial results filed with Companies House.
The results show that the three-year-old company reached profitability for the first time during the pandemic.
At the time of EasyMoney’s launch, chief executive Andrew de Candole said that the firm aimed to shake up the UK financial services market.
Since then, the platform has gone on to launch an Innovative Finance ISA, and offers four different risk-adjusted accounts, with target returns of between 3.67 per cent and 7.01 per cent.
A professional audit of the company’s financials concluded that it was able to continue as a going concern for at least 12 months.
“Because of the regulated nature of the business, there are strong controls in place and adequate high level monitoring such that any unexpected items would be identified and enquired into by management,” said Colin Edney, senior statutory auditor at Warrener Stewart.
“There is a number of individuals which compromise “management” and therefore there is no single individual who is likely to be able to override controls to effect fraud.”
Last year, Warrener Stewart predicted that EasyMoney would achieve profitability by 2021.