LendingCrowd, one of the UK’s fastest-growing alternative finance lenders to the SME market, announced on Friday it is on course for continued expansion after completing loan deals totaling to more than £3 million during May, marking the p2p lending platform’s best month ever. The company also reported that despite the month having two bank holidays it also saw its deal volumes reach a fresh record and secured loans for 36 small business covering a wide range of sectors across Britain.
“It was a great team effort to get to this milestone, helped by our improved processes and a fantastic working relationship with our community of introducers. Not only was May a record for us in terms of the total value of loans, the number of deals completed also hit a new high, up 40% compared with our previous best.”
LendingCrowd then noted it is targeting total lending of about £40m for 2018, more than double the figure for last year. The milestone comes just a couple of months after the company raised £2 million in a round that was led by angel syndicate Equity Gap and included the Scottish Investment Bank along with a number of prominent private investors from Scotland’s entrepreneurial and finance scene. Stuart Lunn, co-founder and CEO of LendingCrowd, added:
“The support from our investors highlights the progress we’ve made since our launch in late 2014 and the potential for us to scale significantly this year. I’m confident that, as we expand our sales and marketing activities, we’ll continue to grow our loan book as more small businesses turn to us for their funding needs. At the same time, investors are attracted by our suite of products that offer inflation-beating* returns.”