LendingCrowd hails record month for deals
Hot on the heels of its recent £2 million funding round, peer-to-peer (P2P) platform LendingCrowd is celebrating a record month of lending activity.
The Edinburgh-based fintech company, launched in 2014 by CEO Stuart Lunn and chairman Bill Dobbie, completed loan deals in May totalling more than £3 million for small businesses across Britain.
Head of Origination Adrian Innes said: “It was a great team effort to get to this milestone, helped by our improved processes and a fantastic working relationship with our community of introducers.”
He added: “Not only was May a record for us in terms of the total value of loans, the number of deals completed also hit a new high, up 40% compared with our previous best.”
In March, LendingCrowd announced that angel syndicate Equity Gap had led a £2m external funding round that also included the Scottish Investment Bank and private investors from Scotland’s entrepreneurial and finance scene.
The company, which is fully authorised by the Financial Conduct Authority and launched its debut television advertising campaign in March, is now targeting total lending of about £40m for 2018 – more than double last year’s figure.
Mr Lunn said: “The support from our investors highlights the progress we’ve made since our launch in late 2014 and the potential for us to scale significantly this year.
“I’m confident that, as we expand our sales and marketing activities, we’ll continue to grow our loan book as more small businesses turn to us for their funding needs.”
LendingCrowd was one of the first P2P platforms to launch an Innovative Finance ISA and all of its investment accounts can be held within this wrapper for tax-free returns*.
*Capital at risk. Tax treatment depends on the individual circumstances of each investor and may be subject to change in future.