Somo investors earn £29m in interest at 10-year anniversary

Property lender Somo has celebrated its 10-year anniversary by announcing that its investors have earned £29m in interest with no capital losses to date.

Since inception, Somo has loaned £333m to borrowers, while investors have earned up to 13 per cent in returns over the past year.

90 per cent of new portfolio investments come from existing investors, according to a recent Somo survey. These repeat investors told the platform that they were attracted to the high yields, the opportunity to invest in a mix of fintech and people-based services, the platform’s experienced recovery team, and the backing of reputable industry bodies.

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“We had big ambitions 10 years ago but could never have envisaged how successful the firm would be,” said Louis Alexander (pictured), chief executive at Somo.

“There is so much to be proud about including our renowned risk-reward balance, high returns, zero capital losses and relationships with investors based on trust and transparency.

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“Behind me is a passionate and tenacious team working hard to ensure our loyal investors continue to enjoy all of this and more as we evolve over the next decade.

“One thing that won’t change though is our ‘slow and steady wins the race’ strategy, which ensures the longevity of our firm and the confidence of our investors.”

Somo posted a pre-tax profit of £6.2m for the 12 months ending 31 March 2023, up from £5.6m the previous year, according to documents filed with Companies House earlier this year.

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