Edinburgh-based peer-to-peer platform LendingCrowd has reported a record first half, saying it is on track to deliver £10 million in lending to Scottish small firms this year as it "significantly" ramps up its presence north of the Border.
The business said its lending totalled £14m in the first half, nearly tripling from £5m 12 months previously, and buoyed by a hat-trick of record months for lending in April, May and June.
It also said it has upped its proportion of loans to Scotland-based businesses, helped by its £2.75m partnership deal with the Scottish Investment Bank (SIB) that has led to more than 75 Scottish companies receiving funding. LendingCrowd's total lending north of the Border tripled year on year to £3.9m.
Chief executive and co-founder Stuart Lunn said: “We’re extremely pleased with the progress made during the first half, with 150 [small and medium-sized enterprises] thinking outside the bank by choosing us as their funding partner.
"We’re also encouraged by the traction we’re gaining in the Scottish marketplace and we’re confident that, with greater awareness and engagement from the adviser community, we’re in a strong position to significantly ramp up our Scottish presence in the next 18 months.”
LendingCrowd has more than 5,800 investors signed up to its platform. Deals range from £20,000 to exceed £1 million and the company has arranged £38m of loan funding to date. In March, it secured an external funding round of £2m led by angel syndicate Equity Gap and including SIB and various high-profile private investors from Scotland’s entrepreneurial and finance scene. The company also said it is on track to scale significantly this year and next, and intends to seek Series A funding over the next 12 months.
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