The world’s only branch network-based peer-to-peer lender is now expanding into pastures new.
Folk2Folk – which has carved out a powerful, localized proposition in the UK’s South West – has reached over £35m in cumulative lending by operating exclusively in Cornwall. But now the platform is opening a new agency in Devon. The move opens up Folk2Folk’s unique service to people in Crediton and the surrounding area. The platform is executing the expansion plan by teaming up with established accountancy firm Bedford & Co.
Managing Director David Brown commented on the rollout:
“We have always known that we wanted to expand our reach and allow more people to invest in the South West as well as see competitive returns on their capital.”
“The Crediton agency will be the first of many, as we expand across the region to meet the demands of our clients.”
“We know Andy Bedford, Sean Hartrey and their team have many years experience in finance, and to be in Crediton, where we know there is a strong sense of community in the town, is perfect as it’s a similar area to that of Launceston where our head office is based.”
Folk2Folk is blazing a trail within the peer-to-peer lending space. The platform’s expansion is proof that a locally-focused, personal touch peer-to-peer lending operation can flourish in the same way that purely online propositions have.
This won’t be the end of Folk2Folk’s expansion plans. The platform expects the value of its loan book to hit £60m over the next year – and has indicated that entering into new regions of the country will play an integral role in stimulating that growth.
Now in its sixth year, the AltFi London Summit returns on 18th March 2019 to 155 Bishopsgate. Last year proved to be a crucial turning point for the key players building the future of finance. Leading platforms launched oversubscribed IPOs, digital banks proliferated and mainstream financial institutions started their own disruptive propositions. With 2019 certain to be another landmark year, more questions will be asked by regulators with investor interest in disruption also poised for more rapid growth.