By Sam Griffiths on 2nd December 2014
The month of November represented another solid stretch of origination for the UK Alternative Finance market with £149m of loan volume facilitated – putting it within a whisker of the monthly record of £151m.
With such a strong month of lending, it’s no surprise that a new bar was set for individual contribution volume. Funding Circle powered its way to £35m of origination on the month, snatching the crown away from RateSetter. Funding Circle also now has the highest 3 month market share – with over 23% of all UK P2P origination over that time span having taken place on the Funding Circle platform.
Wellesley’s departure from the P2PFA midway through the month doesn’t appear to have had any bearing on its business – with the platform reporting £22.2m of loans funded last month, making it their second highest origination month on record.
Another notable performance came courtesy of LendingWorks. The nascent platform that only joined to index at the end of October enjoyed its first £1 million plus month, an impressive feat for a platform less than 12 months in age. LendingWorks has doubled its cumulative volume in the last two months, rocketing from £2m to £4m, further signaling its intent to become a major competitor to the incumbent P2P consumer platforms.
Insurance AI & Analytics USA (June 27-28, Chicago) is the only forum bridging the gap between the analytical and data minds and the business transformation leaders. As carriers rush to meet customer demands and deliver continuous business growth without dramatically increasing costs, deploying innovative technologies such as AI, machine learning and advanced analytics can be the only way to remain competitive. But in order to deliver real value to the organization, these innovations must have a real application in the core business areas and directly improve operational efficiency and deliver a seamless customer experience