LENDABLE has announced that it has hit the £100m cumulative lending milestone in less than four years since launch.
The peer-to-peer consumer lender said on Monday that it is the third UK consumer lender after Zopa and RateSetter to reach this milestone and that it reached it in the fastest time.
“Lendable prides itself in having built world-class technology to offer the best borrower experience in the UK,” said Martin Kissinger, Lendable’s founder and chief executive.
“In less than four years we have become one of Europe’s largest lending platforms. We’ve lent out £100M to help British consumers pay off credit card debt, renovate their homes, buy cars and much more.
“Our track record demonstrates credit discipline as well as a commitment to excellent customer service. In 2018 we’ll continue to grow our business and help even more people to achieve their goals.”
Read more: Lendable partners with money app Pariti
Lendable was founded in 2014 and uses machine learning technology to automate the credit process. It offers instant personal loans, funded by sophisticated and institutional investors.
The company attracted widespread media attention in March this year, when it secured a £100m investment from Waterfall Asset Management. Kissinger said at the time that the backing would help Lendable “reach the next level of scale”.