“Big year” ahead for Money&Co, after losses widened in 2020
Money&Co made a loss of approximately £200,000 in the year ending 31 March 2021, but the platform’s chief executive Nicola Horlick (pictured) expects the company to be profitable by 31 March 2022.
Despite the 2020/21 loss, Horlick told Peer2Peer Finance News that she regards it as “an excellent result”, pointing out that very few fintech companies actually make a profit, and stating that the company has done “exceptionally well during the pandemic by sticking to its core areas of lending (litigation finance and music)”.
She revealed that Money&Co has been profitable every quarter so far during the current financial year, and therefore expects the company to be profitable in the year ending 31 March 2022.
Read more: What does the future hold for P2P lending?
“We expect 2022/23 to be a big year for Money&Co. with a substantial expansion of the lending book,” she added.
According to documents published on Companies House, the company had net assets of £777,767 by 31 March 2021 – up from £73,448 at 31 March 2020.
Core earnings were -£9.885m, compared with -£9.607m the previous year.
Prior to the start of the Covid-19 pandemic, Horlick decided to purely offer secured loans, with a focus on music loans and litigation finance. She said that this was due to concerns of a Brexit-induced economic downturn.
Read more: Zopa closure: P2P industry reacts