Elfin Market facilitates loans of more than £17m in 2022
Elfin Market has reported a successful 2022, with the platform facilitating more than £17m in loans during the year.
The peer-to-peer consumer lender also reported a rise in the number of borrowers from 4,300 to 9,500, with the number of investors rising from 520 to 750.
It was a significant year for Elfin Market, in which is successfully launched its Elfin Card and rebranded its app and website.
The platform also faced challenges, including regulatory hurdles and a harsh economic environment. However, it said that the overall trend was growth.
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Co-founders Mansour Bouaziz and Lakshithe Wagalath, chief executive and chief operating officer respectively, defined the year as a strong one for the company.
“We’ve continued growing at a solid pace – more than doubling our number of borrowers and the total amount lent during the year- and we’ve launched our long-awaited Elfin Card to the public, which was a great success,” they said in a joint statement, published on the platform’s website.
“We’re very grateful to our borrowers, lenders and investors for making this possible, and we have exciting milestones to achieve and things to announce in 2023.”
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The platform is primed for more big changes in 2023, according to its latest blog. Last year, the firm focused on automation, making user journeys as efficient as possible.
New features included credit limit increases and direct debit reinstatement, to improve the user experience but also allow the customer service team to spend more time guiding customers on their day-to-day usage of our products, as well as helping borrowers in difficulties.
In February 2022, the platform launched a new borrower application process which integrated Onfido’s identity verification technology to provide a secure and efficient way for borrowers to apply.
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