With the retail sector enduring its fair share of challenges, companies are looking at new ways to attract customers, and drive conversion. In an overcrowded, dog-eat-dog marketplace, with behemoths such as Amazon flexing their muscle, it’s easier said than done.
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:
- Creating an industry-first insurance against borrower default
- 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.
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