LendingCrowd provides £3m to SMEs in May

LendingCrowd is celebrating a record month of lending after it delivered over £3m of funding to UK SMEs during May.

Despite having two bank holidays during the month, the P2P lending platform saw its deal volumes reach an all-time high, with loans secured for 36 SMEs covering a wide range of sectors across the UK.

“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,” said Adrian Innes, head of origination at LendingCrowd (pictured above, left).

“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% compared with our previous best.”

LendingCrowd has also announced the launch of a promotion for new investors on the platform.

Those who sign up with the platform before 29th June 2018 and lend £2,000 within 14 days will receive a £100 cashback bonus.

The P2P lending platform is aiming for total lending of around £40m for 2018, more than double the figure lent in 2017.

This target comes after LendingCrowd secured £2m of external funding in a round led by angel syndicate Equity Gap and included the Scottish Investment Bank.

Stuart Lunn, co-founder and CEO at LendingCrowd (right), said that the support from its investors highlighted the progress it had made since its launch in late 2014 and the potential for it 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.”

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