LendInvest sees lending surge
LendInvest increased its lending by 84% to £320m in the year to March 2016, according to its latest figures.
The online mortgage lender also invreased its revenue by 133% from £14m to £32m.
Profits also rose from £3.3m in 2015 to £3.4m in 2016 despite heavy investment in technology, recruitment and underwriting.
The lender has trebled its headcount from 34 to 90 over the last 12 months with 40% of the team being dedicated to tech and product development.
Christian Faes, co-founder and chief executive of LendInvest, said: “In light of the headwinds that the Brexit vote has caused for the UK’s economy, it’s been particularly rewarding to see customer demand for our products still growing and we look forward to building on this positive momentum in the next year.
“We may be growing fast, but we’re doing so sensibly. We have invested heavily in recruitment, technology development and underwriting expertise to keep our credit standards high and defaults low. Yet, despite the outlay of investment, we remain very well-capitalised with a balance sheet that’s well equipped for organic and opportunistic growth.”
Funds managed on LendInvest’s investment platform grew by 135% to £80m in 2016.