easyMoney profits double again to pass £1m
Peer-to-peer lending platform easyMoney made a profit of more than £1m in 2022, almost twice the value of its 2021 profits.
In fact, the company has effectively doubled its profits every year for the past three years.
During the 12 months ending 31 December 2020, the property lender reported profits of £265,763. The following year, profits more than doubled to reach £561,033. And according to the most recently filed financial statement, during the 12 months ending 31 December 2022, easyMoney made a profit of £1,080,000, with revenue growth of £5,129,538.
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According to chief executive Jason Ferrando, the company’s success is largely due to its Innovative Finance ISA (IFISA) offering.
Earlier this year, Peer2Peer Finance News conducted a survey and, of the participants, revealed that easyMoney is one of the UK’s leading IFISA providers with approximately £66m actively invested in the tax wrapper.
“Despite the challenges posed by the wider economic landscape, easyMoney has gone from strength to strength over the last few years and while this is partly testament to the product offering of the IFISA, much of the praise rests at the feet of our outstanding team,” says Jason Ferrando, chief executive of easyMoney.
“To double our profits in the space of just three short years is no mean feat and one that shouldn’t go unnoticed and we would like to not only thank the easyMoney team for their tireless endeavours in achieving it, but also our lenders and borrowers.”
Over the past five years, easyMoney has built a market-leading business which has seen the business lend almost £300m to property developers across the UK. Ferrando credits the platform’s good borrower relationships for its success, pointing out that the platform works with the same borrowers year after year.
“We have seen our housebuilders go from a three house development to a five house development, to seven and nine and because we’ve gotten to know them we are able to offer them an amazingly flexible facility,” he says.
“We’ve been really good at originating those deals, which is part of our success.”
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What’s more, to date easyMoney is yet to default on a loan, and its investors have not lost any money. This demonstrates the diligence of the underwriting team, Ferrando says.
“We look forward to maintaining this industry leading performance over the coming year and beyond and we’re excited to grow our customer base even further, while providing ever stronger investor returns and cementing us as one of the UK’s leading P2P real estate investor lenders,” he adds.
With a highly qualified team, a quality borrower base, and a track record of doubling the company profits year after year, easyMoney’s seems set to maintain its status as one of the most successful and stable P2P lending platforms on the market.
