Crowd2Fund insists it is still on ‘path to profitability’
Crowd2Fund insists it is still on a path to profitability despite the pandemic hitting its turnover last year.
The peer-to-peer business lender has revealed in its annual report for the 12 months to April 2021 that overall income dropped for the reporting period, while turnover fell to £90,962 from £533,017 the previous year.
However, the platform reduced its losses over the period, from £855,136 to £777,347.
The report also said that the platform increased its loans under management and number of investors during the period, with the average deal size rising from £75,410 to £94,787.
Read more: Crowd2Fund eyes profitability after narrowing losses
“The company continued to grow its investor and businesses base throughout the year, ensuring that the platform also improves its technical capability,” said Chris Hancock (pictured), chief executive of Crowd2Fund.
“Although overall income dropped, the company was able to reduce its expenditure considerably so the overall loss was lower too.
“The company has a clear approach for the coming years, setting a clear path to profitability.
“The drop was mainly due to lockdowns caused by Covid-19 that occurred at various times in the year where the business saw reduced trading due to the disruption caused.
“It is also believed that the continued uncertainty of Brexit also created drag on the growth of the business.”
The annual report also revealed that Crowd2Fund is still considering international opportunities and it has since said it is planning to launch in Australia.
At the time of approving the latest accounts earlier this year, Crowd2Fund said the business has been growing steadily between January and March 2022 with month-on-month growth in sales.