SoMo increased its profits and turnover in the 12 months to 31 March 2021.
The peer-to-peer bridging lender reported a profit of £3.85m last year, up from £3.2m in the 12 months ending 31 March 2020.
Turnover rose to £12.96m, up from £11.32m the previous year.
As at 31 March 2021, 97 per cent of SoMo’s portfolio was allocated towards bridging finance secured on UK property.
The bridging finance loan book was worth £56.9m by the of the reporting period, financed by lenders and investors.
The remaining three per cent of the portfolio is dedicated to consumer credit loans. This part of the loanbook was worth £1.8m last year, and is financed by internal capital and reserves.
SoMo’s chief executive Louis Alexander noted that “the company has achieved year on year increases in turnover and funds lent since inception.”
He added that headcount has also increased significantly over the past year, as the company lays the foundation for future growth.
“Technology continues to be at the heart of the business and an in-house team has developed cutting edge technologies to deliver financial payment and loan services,” Alexander said.
“Innovative solutions are enhancing and expanding both the core bridging platform and consumer credit technology and this will continue to be a focus.”