P2P platform launches to watch out for in 2022
The New Year will see the peer-to-peer lending sector expand once again, with a number new platform launches expected, which hint at the future shape of P2P.
Read on for five of the hottest new P2P platform launches to watch out for in 2022…
- Plend
Created and developed during the early stages of the pandemic, Plend is set to upend the consumer lending market when it launches in the first quarter of 2022.
The platform has created its own open banking-powered credit-checking system that redefines creditworthiness for a younger generation. It has already attracted plenty of interest, raising £700,000 from Tomahawk VC Ascension and Haatch, alongside NBS Ventures, which is a part of Nationwide Building Society’s Incubator.
Luke Lang, co-founder of Crowdcube, was recently named executive chairman.
- Propio
Property-backed lender Propio initially planned to launch by the end of 2020, but Covid-related uncertainty caused the launch to be delayed.
In late 2020, the platform raised £278,000 from the government-backed future fund to power its evolution from former minibond provider to P2P lending platform. At the time of writing, no launch date had been set.
- Bloom Money
Built “by migrants, for migrants”, Bloom Money aims to replicate the tradition of extended family members lending money to each other.
Bloom Money will offer what it calls “circles” – communities in which users can borrow, save or send out cash. Users can find circles based on their needs, they can search available circles by total amount, payments per month or number of months.
It is expected to launch some time in 2022.
- Punk Money
Punk Money does not trade in loans – it trades in “revolutions”. According to the platform’s website, it aims to empower people to help their friends, family and community with quick and easy loans direct from one person to another. The user sets the interest rates, anywhere from 0 per cent to 10 per cent.
Punk Money is set to launch its app in the near future.
- Loop
Loop entered beta testing in early December 2021, ahead of a planned launch in 2022. It is the brainchild of Paul Pester, the former TSB Bank chief executive, Anthony Thomson, the Metro Bank and Atom Bank founder, and former CompareTheMarket chief Matthew Donaldson.
The trio completed a private funding round earlier this year, and they are now planning for a larger Series A fundraising to take place in early 2022.
Loop will follow the trend for informal money-sharing among friends and family. It will launch as an app some time next year, and will initially be aimed at students and young professionals.
Read more: Who are the new ‘Big 3’ in P2P?