Proplend reaches profitability
Proplend achieved profitability in 2022, while also increasing its revenues year-on-year.
The property lender made a profit of £130,497 in 2022, after reporting a loss of £148 during the previous year. Brian Bartaby (pictured) founder and chief executive of Proplend, said that the financial results are a credit to his team.
“Going from break even in 2021 to profitable in 2022 reflects the hard work and experience of the Proplend team,” Bartaby said.
Read more: Company Focus: Proplend
“Over the past two years we have continued to, where appropriate, improve efficiency across the platform and have worked hard to maintain the current loan book.”
By July 2023, Proplend had funded more than £195m in property loans, with more than £21m paid back to investors in interest. Bartaby has predicted that Proplend will surpass £200m in lending “within the next six weeks.”
Bartaby thanked the platform’s investors for helping it to reach these goals.
Read more: Property: Inflated expectations
“2023 takes us all into unexplored P2P territory, we will only ever be as good as the lender base who continues to fund the loans,” he said.
“There are too many overstaffed and over-expensed fintech companies who need to continually raise capital to survive, it’s important to prove to your shareholders that you can actually deliver profits.”
He added that 2022 saw a small increase over 2021 loan volumes resulting in increased revenues.
Read more: Proplend posts 40pc rise in revenues in 2021