Peer-to-peer finance platform Assetz Capital has stated that it recorded a seven figure pre-tax profit in the 2016/17 financial year.
It did not disclose the exact figure.
From April 2016 to March 2017, a total of £126 million was lent through Assetz Capital to credit worthy UK SMEs with £38m of that in the last quarter of that financial year.
In the following quarter of April to June this financial year Assetz Capital says it will lend over £60m continuing what is around a 300% growth rate for the business and with this year’s lending expected to be around £300m.
Meanwhile, Assetz Capital also announced that 20,000 investors had now signed up to the platform. In the past four years, nearly £300 million worth of loans have been issued through the platform to date, with investors earning total gross interest of more than £23 million.
Stuart Law, CEO of Assetz Capital, said: “Nowadays there’s the assumption that any fintech business won’t make a profit for many years, if at all. The mark of success for the P2P market has been lending totals , but like all businesses, lending platforms should be judged on the sustainability of their business model and ability to fund their own growth through profits.
“We are proud to say that Assetz Capital is one of the very few platforms making a noteworthy profit at the moment. It’s testament to our experienced team that we had such a successful past year.
“It’s an exciting time for Assetz Capital as we establish ourselves as one of the world’s most successful peer to peer business lenders.”