Money & Co swings into the black as niche strategy pays off
Money & Co swung into profit in its last financial year, as the company continues to focus on niche lending verticals.
The peer-to-peer lending platform run by City superwoman Nicola Horlick posted an operating profit of £217,456 in the 12 months to 31 March 2022.
This was an improvement from a £319,493 loss the previous year, equating to a positive swing of £536,949.
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“I am pleased that the business is now profitable,” chief executive Horlick (pictured) told Peer2Peer Finance News via email.
“We expect significant growth over the next two years and will continue to focus on our niche lending verticals (litigation and music).”
Money & Co had net assets of £1.13m as of 31 March 2022, up from £777,767 the previous year, according to documents filed with Companies House.
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Last December, Horlick told Peer2Peer Finance News that she expected the firm to be profitable by 31 March 2022 as it had been profitable every quarter so far during the 2021 financial year.
“We expect 2022/23 to be a big year for Money&Co. with a substantial expansion of the lending book,” she said at the time.
Before the start of the pandemic, Money & Co decided to narrow its focus to secured loans, with a focus on music loans and litigation finance. Horlick said this was due to concerns of a Brexit-induced downturn.