P2P platform hits £50m lending milestone

Peer-to-peer (P2P) platform Lending Works has celebrated providing more than £50m worth of loans since its launch in January 2014.

The achievement follows a record-breaking first quarter of 2017, with nearly £5m lent via the platform in March alone.

Nick Harding, CEO of Lending Works, said: “It’s incredibly rewarding to have come as far as we have since launching just over three years ago.

“It is at times like this that I want to thank our extraordinary team for their hard work and determination.

“That said, we prefer to look forward rather than back, and with many exciting and ambitious new initiatives in the pipeline, we expect to breach the £100m barrier very soon, and to grow our business exponentially thereafter.”

Nick’s comments come on the back of a busy year for Lending Works, with the company having secured full authorisation from the FCA and a £2m investment from a private equity firm in 2016.

Over 10,000 customers have now either invested or borrowed on the platform, which specialises in personal loans for a variety of purposes, including vehicle finance, home improvements and debt consolidation.

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Source: P2P platform hits £50m lending milestone – Bridging & Commercial