Peer-to-peer lender Lending Works has passed £100 million in terms of the amount of money lent, cementing its position as one of the biggest UK platforms of its type.
The milestone comes just over four years after Lending Works was first launched and a year after it broke through the £50 million mark. Some 20,000 customers – over 16,000 borrowers and nearly 4,000 lenders – have used the platform to date and every penny of capital and expected returns has been delivered to lenders on time.
CEO Nick Harding says the company’s growth has reached a new level in the past 12 months. “We’ve achieved some exciting milestones at Lending Works but reaching the £100m milestone definitely ranks as one of our finest moments. 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.
“We’re also very proud to have created a business that is changing financial services for the better. We set out to improve customers’ experience of getting a loan or making an investment. Now with customer satisfaction that is higher than that of Apple or Amazon, we feel we are achieving our objective. Making over 20,000 people’s lives slightly better brings a smile to our faces.”
Launched in 2014, Lending Works was the first member of the Peer-to-Peer Finance Association (P2PFA) to receive full authorization from the FCA in October 2016 and was the first to launch the new Innovative Finance ISA in February 2017. Since then, nearly £40 million has been lent via the Lending Works ISA.
Nick Harding says the IFISA will continue to underpin future growth – as will the emphasis on partnerships following the recent collaboration with digital challenger Revolut. With challenges such as GDPR and online protection being thrust into the limelight, Harding is confident that Lending Works has all its bases covered and is well placed to go from strength to strength.
“We are pleased with what we’ve accomplished, but it is also due reward for the resources we’ve invested in establishing solid foundations,” observes Nick. “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.”