Lending Works smashes £50 million barrier
Lending Works recently reached a crucial milestone, as we lent out our 50 millionth pound since launching our platform in January 2014. The overall figure to date now stands at over £53 million, and it comes on the back of a record-breaking first quarter of 2017, with nearly £5 million worth of loans being facilitated by our platform in the month of March alone.
Our team celebrated the achievement with a dash of cake, as you can see from the image below:
But it also allowed us the opportunity to reflect upon what has been a tremendous 40 months as a company, with accolades and feats along the way which include:
- Winning a host of awards and honours, including the ‘Best Peer-to-Peer Platform for Savers’ gong at the esteemed 2016 Moneywise Customer Service Awards
- Becoming the first Peer-to-Peer Finance Association (P2PFA) member to gain full FCA authorisation (and subsequently ISA manager approval) in October 2016
- Becoming the first P2PFA member to launch an ISA in February 2017; with around £10 million having already been lent via this new wrapper to date
- Developing and launching a number of innovative partnerships; the most recent of which was with banking challenger Revolut to deliver instant credit to consumers
- Over 10,000 happy and satisfied customers who have either earned market-leading returns on their money, or benefited from flexible, low-cost personal loans
It’s a list which makes for impressive reading, although given our continued upward momentum, there is every confidence here at HQ that the best is very much yet to come.
Our CEO Nick had this to say about Lending Works’ journey – past, present and future:
"It’s incredibly rewarding to have come as far as we have since launching just over three years ago, and to have now passed the £50 million mark – with over 10,000 satisfied customers along the way – represents an important milestone for us. It is at times like this that I want to thank our extraordinary team for their hard work and determination. We could not ask for more dedicated colleagues.
“That said, we prefer to look forward rather than back, and with many exciting and ambitious new initiatives in the pipeline, we expect to breach the £100 million barrier very soon, and to grow our business exponentially thereafter. Our best days most certainly lie ahead.”
Our website offers information about saving, investing, tax and other financial matters, but not personal advice. If you're not sure whether peer-to-peer lending is right for you, please seek independent financial advice, and if you decide to invest with Lending Works, please read our Key Lender Information PDF first.
Since opening our doors back in 2014, we’ve always prided ourselves on living and breathing two key principles at Lending Works: innovation, and putting the customer first in everything we do.
Wednesday’s Budget speech, coupled with the cut to Bank of England rates, represented a decisive response to the coronavirus. Here we analyse the impact it will have on mitigating disruption from Covid-19, along with the long-term implications of this significant fiscal stimulus.
Rumblings from the Treasury ahead of next week's Budget suggest tax grabs will be needed to fund increased spending, and it appears UK enterprise could be in the firing line. Here we articulate why targeting entrepreneurs and small business is ill advised.
In a difficult climate, customer acquisition and lead generation present stern challenges for UK retailers, and a great deal of marketing spend invariably gets directed towards getting feet through the door.
Over the last decade, there can be little dispute that the reputation of mainstream banks – and particularly the so-called ‘Big Four’ (HSBC, Barclays, Lloyds and RBS) – is at its lowest ebb.
The 2019-20 ISA season has been a damp squib, with banks disinterested in attracting savers’ cash, rates cut, and the stock market in freefall. However, the emergence of the IFISA means alternatives beckon for those seeking a stable middle ground in terms of risk and reward.
In a decade of slow recovery, the rapid rise in asset prices has been the standout. But how sustainable has price growth been, and could we be in the midst of a bubble?
Most people consider income tax to be a given, but in the UK it is barely two centuries old. In this article, we look at how this tax has developed over the years, and also why it is set to remain at the core of our tax system for many decades to come.
Open banking celebrated its second birthday last month, but has the ‘revolution for financial services’ that was promised actually come to pass? In this article, we look at the progress the initiative has made so far, and what the future holds in the face of high levels of scepticism.
On the face of it, a 'broken' energy market needed fixing, and the price caps introduced in early 2019 were heralded as the solution. But, one year later, have they actually helped consumers save?