Member Article

Revenue rises 133% as alternative lender LendInvest defies Brexit woes

London FinTech business LendInvest has enjoyed another successful year after posting a 133% jump in revenue and a third consecutive year of profit.

The alternative lender saw revenue rise to £32m in the 12 months to 31 March, up from £14m in 2015 and said that revenue growth had remained strong with gross revenue for the first four months of this financial year 59% higher than the same period last year.

Profit was also marginally up, rising to £3.4m from £3.3m as a significant increase in headcount to 90 full-time staff entailed additional overheads that caused profit growth to slow slightly.

LendInvest said that its lending had been relatively unaffected by the ongoing uncertainty surrounding the UK’s exit from the EU as total lending volumes jumped 29% and incoming platform investment increased by 50% in the period following the referendum compared to the same period last year.

Christian Faes, co-founder and CEO of LendInvest, said that the FinTech business had worked hard to scale the business in a ‘profitable’ way, and that the latest figures demonstrated the firm’s solid footing.

He said: “Lending and investing money is a serious matter. These financial results clearly spell out that LendInvest is a FinTech company that’s built on solid foundations, is financially stable, and is going to be around for the long haul.

“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.”