Helped by its £2.75m partnership deal with Scottish Enterprise’s investment arm; and after three consecutive months of record lending in April, May and June, the Edinburgh-based company loaned £13.9m in the first six months of the year, compared to £4.9m for the same period last year.
Activity during the second quarter also reached an all-time high, with lending of £8.8m - a 225 per cent increase on the £2.7m delivered in the second quarter of 2017.
We’re extremely pleased with the progress made...We’re also encouraged by the traction we’re gaining in the Scottish marketplace...Stuart Lunn, Chief executive and Co-founder, LendingCrowd
The company specialises in peer-to-peer lending - a type of debt financing where businesses borrow money via an online crowdfunding-style platform and pay it back.
LendingCrowd said one in four of its loan deals were now being agreed with Scottish businesses. Compared with a year earlier, total lending north of the border trebled to £3.9m for the six months to the end of June.
In 2016 the company partnered with Scottish Investment Bank, Scottish Enterprise's investment arm, to help businesses access finance. More than 75 Scottish companies have received funding to date as a result.
The company is on track to scale significantly in 2018 and 2019 and intends to seek Series A funding over the next 12 months. More than 5,800 investors are signed up to LendingCrowd's platform. Deals range in size from £20,000 to more than £1m...