Ian Thomas and Christian Faes/LendInvest
LendInvest clocks in yet another year of profitable growth
The company also confirmed its first homeowner mortgage will launch in 2019.
Property lending platform LendInvest has reached the fifth year of growth in both revenue and profits.
The milestone was reached as its loan originations jumped nearly 40% to £747.4m, with revenues following a similar increase to £72.7m.
LendInvest’s profits from operations rose sharply, to £3.3m before tax for the period, up from £1.9m in the previous year by IFRS standards.
“LendInvest has notched up yet another year of profits, showing again that you can be a fast growth fintech business, make a substantial investment in disruptive technology, and be a profitable business,” said Christian Faes,LendInvest’s cofounder and CEO.
“In the last year we secured substantial investment from pension funds, global banks such as HSBC, and a fund set up by the European Investment Fund, which is in turn a part of the European Investment Bank Group.”
Other highlights include LendInvest having reached £2bn in cumulative originations to date, and the successful launch of LendInvest’s buy-to-let mortgages which saw £127.9m lent out in the six months to the end of March 2019.
“We have made a big move into longer term lending with our Buy-To-Let product, and are taking market share from the banks with our product that is proving very popular,” said Faes.
The report also again mentioned LendInvest’s “eventual move into the regulated mainstream mortgage space”, which the company confirmed would come in 2019.
“The UK mortgage market is dominated by banks which are slow moving, suffocated by ever changing regulation, legacy processes, and technology from the 80’s,” said Faes.
“This £300 billion market represents a significant opportunity and it is LendInvest’s mission to disrupt it.”