LendingCrowd cheers record month for deals

LendingCrowd, the Edinburgh-based peer-to-peer (P2P) platform, completed loan deals totalling more than £3 million during May, marking its best-ever month.

Adrian Innes and Stuart Lunn of LendingCrowd. Picture: Stewart Attwood

Despite May having two bank holidays, the platform also saw its deal volumes reach a fresh record as it secured loans for 36 small business covering a range of sectors across the UK.

Adrian Innes, head of origination at LendingCrowd, said: “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.

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“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 per cent compared with our previous best.”

LendingCrowd is targeting total lending of about £40m for 2018, more than double the figure for last year. It comes after the company secured £2m of external funding.

Stuart Lunn, co-founder and chief executive, said: “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.”