Peer-to-peer lender The Money Platform grew its lending volumes by 83 per cent last year, to reach £6.6m.
In the 12 months ending 31 January 2022, the platform achieved more than £1m of revenue, which was approximately 260 per cent higher than its pre-Covid levels in the year ending 31 January 2020.
However, according to the annual financial results published on Companies House, Gracombex – the listed name of The Money Platform – widened its losses slightly year-on-year, from -£1,965,351 at 31 January 2021, to -£2,194,392 one year later.
“The Money Platform was founded with the belief that lending could be done better, and this year we have again seen the team’s hard work pay off,” said George Huntley, chief executive of The Money Platform.
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“Our strategy is one built on making connections – linking borrowers with lenders in a marketplace and using technology to link vast data sources with a loan application.
“This approach has seen us deliver inclusive credit through one of the worst crises in living memory at a time when more and more people in this country are being excluded from mainstream finance.
“We are determined to build a fairer, kinder and cheaper lending journey, and feedback from our borrowers this year reflects the efforts of our team to get the best result for the customer.”
Huntley added that the platform is now focusing on improving its data and technology in the year ahead.
“Technology and data continue to be at the heart of our strategy,” he said.
“When we started our journey we chose to build the tools we needed in-house. Since then, the market has evolved and there are now numerous high quality software products for the lending industry which can be plugged into our tech stack to enhance our service.
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“We are continuously improving our data analysis to refine the quality of borrowers that we accept for loans in order to produce good outcomes both for borrowers and lenders.”
Huntley said that in 2021 The Money Platform completed a “small capital raise focused on bringing our tech in-house”.
The platform also hired its first chief technology officer in June 2021, and plans to build out his team further over the coming year.
“We are really excited about the opportunities ahead,” he said. ”The Money Platform’s future is exciting as we build a lending market powered by big data and open finance serving all types of customers but especially those excluded from mainstream finance.”