Peer-to-peer lender Folk2Folk is reporting its fourth year of profitability.
According to the UK-based secured lender, pre-tax profit came in at £1.373 million for its 2022 financial year, marking four consecutive years of profitability. In addition, the company is issuing dividend payments to shareholders for a second consecutive year. The company claims to be a sustainable business that is stable and able to adapt to market conditions – while delivering returns to investors.
“I am delighted to announce another year of profit, which demonstrates the trust and confidence that businesses and investors have placed in Folk2Folk,” said Roy Warren, Managing Director of the company.
Warren said their performance reflects the strength of their business model and their team’s dedication.
“Platform profitability is undeniably an increasingly important factor retail investors consider when choosing where to place their funds, and I strongly feel that maintaining a profitable platform is the responsible thing to do for all our stakeholders and the wider P2P sector.”
Folk2Folk claims to be the largest P2P lender in the UK – a sector of Fintech that has retracted in recent years as early platforms refocused their efforts on different aspects such as direct lending without involving retail investors
Folk2Folk reports that it has facilitated over of £600m in business loans funded primarily by retail investors. These loans support UK SMEs.
Currently, investors are earning a starting rate of 8.25% on loans.
