Crowd2Fund is planning to launch an international platform later this year after achieving “steady growth” during the first half of 2021.
The peer-to-peer business lending platform, which reopened for loan applications in September last year after pausing activities due to the Covid-19 crisis, said that it had “made it through the pandemic” and its default rate remains low.
“We have already commenced with development of our enhanced international platform which we hope to have fully live later in the year,” Crowd2Fund said in a blog post.
“We are continuing to expand our team with new hires in business development and credit management. Our default rate remains low and our average interest rate this year on the platform has been offered at around 13 per cent. We will continue to grow the team, improve the technology and list more great businesses for you to invest in.”
The platform said it will continue to open up features on the platform and deliver its Reboot Britain campaign, which aims to support businesses and the economic recovery.
Crowd2Fund also said that it is considering launching a higher interest rate loan product with an 18 per cent return, as it believes central bank interest rates are likely to rise.
In May, the platform reported it narrowed its losses to £855,136 in the year ending 30 April 2020, down from a loss of £996,659 the previous year, and said it was on a “clear path to profitability”.