Folk2Folk passes £500m lending milestone
Folk2Folk has exceeded the £500m lending milestone, after deploying a record £108m during 2021.
The rural peer-to-peer lending platform said this is an 80 per cent year-on-year rise in the total value of completed loans.
Folk2Folk said its largest single loan of 2021 was for £12m, double the size of the platform’s largest loan of 2020, and of the £108m invested last year, 20 per cent was done through its Innovative Finance ISA.
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“An 80 per cent uplift in the total value of completed loans in just one year is significant by anyone’s measure and, coupled with our consistent and growing profitability, signifies a very exciting future for Folk2Folk,” said Roy Warren (pictured), managing director at Folk2Folk.
“We are proud to have maintained our zero capital losses record through this period of growth and maintained a controlled default rate. However, our grip remains firmly on the tiller with regards to our internal credit processes and portfolio management.
“We are inspired every day by the energy and resilience we see in the business-owners we help. Our mission is, and always has been, to help create and sustain financially successful rural and regional communities.
“We deeply believe that the health of these local economies is essential for the UK’s post-Brexit, post-pandemic recovery and that is why we are unwavering in our determination to channel funding into new and existing businesses in these areas.”
In September, Folk2Folk said it was on track to double its profits in 2021 after breaking the £1m profit barrier in 2020.