On Tuesday, online platform Proplend gave its 2017 peer-to-peer lending year in review. The lender listed the various accomplishments that the lending industry experienced in the past twelve months. The accomplishments are the following:
- The majority of platforms gained full Financial Conduct Authority (FCA) authorization
- Many platforms sought ISA Manager Status to launch Innovative Finance ISA (IFISA) – with Proplend being among the early adopters.
- LendInvest withdrew FCA approval application and stepped down from the Peer to Peer Finance Association as it moved from all P2P activity
- RateSetter’s wholesale lending practices notably proved costly. The lender eventually withdrew from the P2PFA after breathing the association’s operating principles
Proplend then listed its accomplishments as well, which included:
- The lender’s loan book increased 620% from the previous year and almost doubled in total
- Lending through its platform has now exceeded £30 million, secured against commercial property worth over £60 million
- £6 million of loans were transacted through the PLE a 300% increase on 2016
- The number of invested platform Lenders increased 290%
The lender went on to note its plans for 2018:
- The redesign of Lender Dashboards, Proplend.com website and the launch of our Auto-Invest product
- Initially Proplend Auto-Invest will be a low-risk (Tranche A), three-year, Innovative Finance ISA product targeting returns of c.5% each year
- The lender has built a “healthy” loan pipeline which will be available on the platform from early 2018, subject to due diligence, valuations, and legals.
“We’d like to take the time to thank all Proplend Lenders for their support throughout 2017 and offer a warm welcome all our new Lenders and Borrowers. We have hopefully shown that not being the biggest of the platforms can be a virtue, with the quality of our proposition and consistent results being recognised. This will remain at our core as we grow the business in 2018 and beyond.”