This week at LendingCrowd we are extremely happy to say that we are celebrating the first birthday of the company. We would like to thank all the investors and small businesses who have joined us on this journey, it’s been an exciting 12 months and we can’t wait to see what’s in store for the coming year.
Since launching on 1st October 2014 we have had a successful year of operations, facilitating £1.75m of loans to 28 SMEs and attracting 1,100 investors to sign up to the platform. Our team has grown rapidly from 9 to 16 staff members, including a credit assessment team with more than 100 years of banking experience between them and our team of in-house developers have created a platform which positions us at the cutting edge of the alternative finance market.
Stuart Lunn, CEO, explains that the first anniversary represents an important milestone for the company and our future plans for expansion. “Over the last 12 months we’ve grown the platform into a thriving business. We’ve achieved a lot in a year, but this is just the start. We have ambitions to become one of the UK’s foremost peer-to-business platforms, and to do this we are constantly fine-tuning our operations to suit the needs of both investors and borrowers.”
So what’s next for LendingCrowd as we move beyond our first year of operations?
There are a number of initiatives on the horizon which are good news for the peer-to-peer lending sector, such as the Innovative Finance ISA being launched in April 2016 which opens up crowdlending to the mass market. The Innovative Finance ISA will allow people to invest their annual ISA allowance through peer-to-peer platforms without being taxed on any interest they may earn and is a game changer for the industry.
The Scottish Government’s intention to establish a Scottish Business Development Bank to support small high-growth businesses is also welcomed. We hope to use our knowledge and successful track-record of helping SMEs to develop and expand, to work in partnership with the government and other public sector organisations in Scotland which could distribute cash to Scottish businesses via our platform.
We look forward to the opportunities that these initiatives will bring and another successful year for LendingCrowd!