Loanpad hires software developer to launch new portal
Loanpad has expanded its software development team, as it looks to develop a new portal that will improve and simplify processes for its investors and lending partners.
The peer-to-peer property lending platform has appointed Alex Mouncer, who is an experienced full-stack software developer, to support its software upgrade.
“We have recruited an additional software developer as we are currently making some big improvements,” Loanpad chief executive Louis Schwartz told Peer2Peer Finance News.
Read more: Loanpad targets £100m of new lending in 2023
“This will enable us to offer more features and account types for investors and will eventually enable all lending partners, such as solicitors and valuers, to manage loans via the portal which will aid scalability and reduce admin costs.”
The new portal will also automate ISA transfer processes for investors, Schwartz added.
He said that Loanpad does not have a go-live date yet for the new portal, but testing is due to start in the next couple of months.
The platform will provide an update and more information in due course.
The new software developments follow a suite of investor interest rate increases at the platform.
The latest rate rises came into effect on 1 May, with the result that investments wrapped in an Innovative Finance ISA (IFISA) now earn 0.2 per cent more than non-IFISA products.
Loanpad’s classic account now pays investors 4.4 per cent, up from 4.2 per cent previously. Premium account holders earn 5.4 per cent, up from 5.2 per cent.
Read more: Exclusive: Largest IFISA providers revealed
The ISA classic account pays 4.6 per cent to investors, up from 4.2 per cent previously. The ISA premium account pays 5.6 per cent, up from 5.2 per cent.