Growth Street

Growth Street drops rate for borrowers

Growth Street's marketplace rate has dropped from 6.5% AER to 6.4% AER, rewarding borrowers with a drop in their cost of funds.

This is the first time the market rate has fallen in Growth Street’s history and comes after the platform revealed that 700 investors had signed up since it launched its investment offering in November.

“As we have expanded our borrower base, we have been able to reward our rapidly growing customer base with a lower cost of credit,” said Greg Carter, CEO of Growth Street.

“This is a great signal of the confidence that our investors have placed in our model.”

Growth Street saw its borrowers post a solid revenue growth of 9.7% throughout the first quarter of 2017, while maintaining profit margins of 10.4%.

One of the platform’s borrowers Claret (pictured above) praised Growth Street, which helped to provide funding to support further growth.

“Our success and growth continued throughout 2016.

“We required further funds from Growth Street to support our cash flow and grasp investment opportunities.

“Along with success came a renewed need for more capital to support growth.”

The drop in market rate comes after Growth Street revealed earlier this year that it was to enter the broker market, while it also replaced its CEO last month.

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