easyMoney has achieved its target of paying £1m per month to investors, after growing both its assets under management and loan book.
The property peer-to-peer lender has now set a new target of £2m per month for its investors while maintaining its zero per cent default rate.
Jason Ferrando, chief executive of easyMoney, hailed the new milestone and reiterated the platform’s commitment to its lenders and borrowers as it grows.
“We’re incredibly proud to have hit our initial target milestone of £1m paid per month to our investors and this was achieved by growing both our assets under management, as well as our loan book,” said Ferrando.
“While it has always been a benchmark we were keen to reach, we have been careful not to rush the process simply for the sake of it.
“Operating the business with the best interests of our lenders and borrowers at the forefront of what we do has always been paramount.”
Ferrando noted that the platform has grown organically since its launch in 2018, reaching a series of new milestones recently. Earlier this year, it was announced that easyMoney had hit its £250m lending milestone, after just five years in operation. Soon after, independent research by Peer2Peer Finance News found that easyMoney is the largest Innovative Finance ISA (IFISA) provider in the UK, with more than £66m invested within the tax wrapper.
The company has also been strengthening its fundamentals. According to the most recent financial statements, easyMoney made a profit of more than £1m in 2022, almost twice the value of its 2021 profits. The company has effectively doubled its profits every year for the past three years.
Furthermore, the platform has been able to increase the returns offered to investors multiple times over the past year, with the highest-rate account now targeting up to 10 per cent per annum.
Ferrando said that he is committed to maintaining the platform’s track record, and to growing the business even further.
“While past success does not guarantee future performance, to date, no easyMoney investor has ever made a loss and we have a default rate of zero,” he said.
“In terms of maintaining this £1m standard, the best form of defence is attack and we now have our sights firmly set on targeting £2m per month for our investors.
“We are confident that our approach will enable us to do so and unless they are professional investors, we help our clients diversify their portfolio by doing it for them via background automation. This naturally helps to mitigate risk and, as our latest announcement proves, yields strong results.”
Ferrando added that easyMoney has no plans to launch any new products as it focuses on its continued growth.
“As the old adage goes, ‘if it’s not broken, don’t fix it’,” he stated. “So for the time being we have no new product launches in the pipeline.
“That said, we are always keeping a keen eye on rates and will act accordingly should the right opportunity arise.”