By Sam Griffiths on Tuesday 2 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.