Folk2Folk Passes £100 Million Milestone
Following a strong start to 2016 Folk2Folk is pleased to announce that it has passed the £100 million milestone of loans funded, highlighting the success that the company has enjoyed since it launched in 2013. The milestone demonstrates the strong demand in the company’s platform as Lenders and Borrowers are attracted by Folk2Folk’s simple, secure and transparent model.
Folk2Folk brings together investors seeking attractive and secured returns, and borrowers looking for access to affordable capital to develop and grow their business. The company has seen a huge inflow of investment over the last 12 months and has introduced funding to hundreds of businesses. More than 70% of Folk2Folk investors are repeat lenders, demonstrating the strength of Folk2Folk’s product and the confidence lenders have in the company.
“We are delighted to pass the £100 million milestone, which demonstrates both the strength of demand from lenders and borrowers and their confidence in our product. We take great pleasure in knowing that Folk2Folk has facilitated funding for many small businesses, helping them realise their ambitions. It is an exciting time for Folk2Folk and this achievement represents only the start as we continue to grow and drive the business forward.”
– Folk2Folk Chief Executive Officer, Jane Dumeresque.
In addition to passing the £100 million milestone, Folk2Folk has launched a recruitment campaign to help with its long term growth strategy and national expansion. Folk2Folk has appointed a new Head of Business Development and Sales, Matt Waterfield, to help widen the company’s reach and deepen its professional networks throughout the country. Matt brings with him a wealth of financial services experience, having previously held the positon of General Manager for the Middle East & Africa for Friends Provident International, an Aviva company providing investment and savings products, for over a decade.
Matt represents the first of up to 10 appointments planned in 2016 which will allow Folk2Folk to further their strong operational progress, and build on the successes that have taken place over the past year – increasing their lending by over 100% in 2015, launching its national Legal Panel, and winning the AltFi Best Lending Platform for Small Businesses Award 2015. As part of its national expansion, the company also plans to open a further branch before the end of 2016.
Scott Mann, Member of Parliament for North Cornwall, said: “Folk2Folk has a great business model of local secured lending, which benefits businesses in the community. Passing the £100 million milestone demonstrates a significant contribution to the South West economy by supporting local businesses and providing jobs. Folk2Folk is one of the largest P2P lenders to business in the UK and we should be proud that it calls Launceston home.”
Folk2Folk has facilitated millions of pounds of local investment by introducing lenders to borrowers in various industries including renewable energy, house building, agriculture, leisure facilities and land and property acquisition. The funding has helped to deliver a broad range of projects encompassing farm diversification, property development, equestrian centres, wedding venues, and golf courses.
