Founded in 2014, Lending Works has now surpassed £100m in lending to more than 16,000 borrowers in the UK. Nearly 4,000 lenders have used the platform to date, with Lending Works delivering on all expected returns so far.
"We've achieved some exciting milestones at Lending Works but reaching the £100m milestone definitely ranks as one of our finest moments,” commented Nick Harding,Lending Works CEO.
“In the past year in particular, our growth has enabled us to stamp our mark on the peer-to-peer lending sector, while maintaining a stable and sustainable footing as we build for the future.”
Lending Works was the first member of the Peer-to-Peer Finance Association (P2PFA) to receive full FCA authorisation in October last year, as well as the first member to launch an Innovative Finance ISA, through which nearly £40m alone has been lent since it went live in February 2017.
Harding hopes that the IFISA will continue to underpin the lending firm’s growth, alongside its fruitful partnership with fintech challenger Revolut.Lending Works currently facilitates over £5m in loans per month, with three-quarters of its customer acquisition coming in via API channels with its partners.
He continued: "Over the past two years we've focused heavily on recruiting experts in data science, IT, online security and customer service and each of these areas has helped to strengthen our brand and drive growth.
"Being able to expand our business and unlock new channels of loan origination and investment capital from such a strong base leaves us well poised to make 2018 the best yet, and to really challenge the market leaders in the years to come."
