Consumer lender Lendable notches milestone shortly after securing institutional backing.
Consumer lender notches milestone shortly after securing institutional backing.
Lendable is a different kind of marketplace lender to those we’re familiar with in the UK, but it may have found a sweet spot. The consumer lending platform has just passed the £100m mark in cumulative lending, according to AltFi Data.
The milestone comes some six months after Lendable’s £100m loan purchasing deal with specialist credit investor Waterfall Asset Management.
Lendable has rapidly upped the pace of its lending lately, disbursing more than £60m in 2017 alone, including more than £25m over the past 90 days, again according to AltFi Data. The platform now boasts a 90 day market share of 6.2 per cent, third among consumer-focused marketplace lenders in the UK behind Zopa and RateSetter.
Lendable’s strategy differs from these firms in that it funds loans via a mixture of institutional and qualified private investor money, eschewing retail investment. Perhaps more significantly, its borrowers occupy what CEO Martin Kissinger (pictured) has previously described as a “higher yielding, underserved space” within consumer credit.
The company makes great play of its automated underwriting technology, which powers what it calls the fastest journey to a loan in the UK, while also making it possible to write smaller loans at better rates.
“Our track record demonstrates credit discipline as well as a commitment to excellent customer service,” said Kissinger. “In 2018 we’ll continue to grow our business and help even more people to achieve their goals.”
AltFi is returning to Amsterdam for its second annual Summit in the city. The inaugural event last year was a roaring success, with key figures from across Continental Europe's alternative finance and digital banking sectors highlighted. These included Jeroen Broekema, managing director of Funding Circle Netherlands, and Mieke van Engelen, head of innovative partnerships at ABN AMRO's standalone lending platform, New10.