Latvian peer-to-peer lending platform Sun Finance has passed the €1bn (£851.7m) milestone in total loans issued and estimates it will end the year exceeding €200m in revenues.
Since launching in January 2017, the platform has increased its loan volume year-on-year, distributing €35m in loans in 2017, tripling this to €130m in 2018, then lending 2.2 times this in 2019 (€290m).
In 2020, Sun Finance passed the €300m mark and in the first half of 2021 it facilitated €220m worth of loans.
According to its annual report, last year the platform achieved a 20 per cent year-on-year rise in consolidated revenue to reach €120m and based on first half unaudited results the platform estimates that it will end this year with revenues exceeding €200m.
“We are very pleased with the achieved results and grateful to our six million clients across the globe for putting their trust in our services,” said Toms Jurjevs, founder and chief executive of Sun Finance.
“We have managed to create a strong team comprised of experienced professionals who always strive to achieve more and surpass themselves while being proud ambassadors of Sun Finance and the rapidly growing European fintech scene.
“Despite the challenges presented by the Covid-19 outbreak, we have been able to maintain stable growth across all our markets.
“This may be mainly attributed to our industry- leading data science and technological solutions. These have allowed us to tweak our offering quickly and successfully whenever the market situation changed in any of our markets.”