LendInvest ups lending by 84%

Ryan Bembridge

October 7, 2016

Christian Faes

LendInvest increased its lending by 84% to £320m in the year to March 2016, its annual figures show.

The peer-to-peer lender also upped its revenue by 133% from £14m to  £32m.

Despite these rapid rises in lending and revenue the lender’s profits only rose slightly from £3.3m in 2015 to £3.4m in 2016 owing to heavy investment in technology, recruitment and underwriting.

LendInvest strengthens compliance function

Indeed, the lender trebled its headcount from 34 to 90 in the year, with 40% of the team being dedicated to tech and product development.

Christian Faes (pictured), co-founder and chief executive of LendInvest, said: “In light of the headwinds that the Brexit vote has caused for the UK’s economy, it’s been particularly rewarding to see customer demand for our products still growing and we look forward to building on this positive momentum in the next year.

“We may be growing fast, but we’re doing so sensibly. We have invested heavily in recruitment, technology development and underwriting expertise to keep our credit standards high and defaults low. Yet, despite the outlay of investment, we remain very well-capitalised with a balance sheet that’s well equipped for organic and opportunistic growth.”

Funds managed on LendInvest’s investment platform grew by 135% to £80m in 2016.