Lending Works sold to alternative investment manager Global Fintech Funding Declined during COVID-19, Investors Now Focused on Mature Fintechs like...
Revolut has announced a new partnership with Lending Works that will allow the mobile banking app to offer P2P loans; through the partnership, the app's mobile users can submit loan applications and receive funding; loans will be available for 500 British pounds ($608) to 5,000 British pounds ($6,079) with APRs of approximately 9.9% and Lending Works will use customer data from Revolut in loan underwriting approvals; the partnership is expected to bring a significant amount of new business for Lending Works which was launched in 2014 and has lent a total of 50 million British pounds ($61 million) to consumers. Source
UK consumer lender Lending Works has lent over GBP50 million ($62.68 million) to UK consumers, also reporting over 10,000 clients; the firm's success has been helped by the launch of its innovative finance individual savings account which reported investments of approximately GBP1.5 million ($1.88 million) in the first 24 hours and has accumulated investments of over GBP8.8 million ($11.04 million) since February 2017; the firm's chief executive says it expects to reach originations of GBP100 million ($125.36 million) very soon; business growth is also expected to be helped by a new loan offering partnership with Revolut. Source
Lending Works has launched its innovative finance ISA; company offers unsecured loans to consumers; investors can invest over three or five years earning approximately 4% to 4.7% respectively; platforms RateSetter, Zopa and Funding Circle are still awaiting full authorization; on the subject of the major players still awaiting authorization Matthew Powell, director at Lending Works commented: "Among peer-to-peer firms there is some frustration over why it's taken so long. The regulator might have uncovered some things that they're not entirely happy about. I think the FCA has been surprised in the variation over the types of platforms they have had to examine. We're an easier prospect than some to understand - we're literally just the middleman, we don't take a balance sheet risk, and we don't lend our own money." Source