Lending Works losses widened before P2P exit and Fluro rebrand
Former peer-to-peer lending platform Lending Works saw its losses widen in 2021, just before the company rebranded to Fluro and left the P2P space.
The consumer lender reported a loss of £2,947,870 in the 12 months to 31 December 2021, up from a loss of £1,279,653 in 2020, and £1,875,641 in 2019.
The latest annual accounts, filed with Companies House, bring the company’s total losses since inception to approximately £5.1m.
In July 2020, Lending Works was sold to alternative investment manager Intriva Capital, and in December 2021, the platform announced that it was placing its P2P business into run-off in order to focus on the embedded finance market.
In September 2022, Lending Works rebranded as Fluro, with the aim of becoming the UK’s leading embedded lender.
Before its P2P exit, the company increased its lending activity, originating £25.6m of new loans across 2021. By comparison, in 2020 the platform originated £9.8m in new loans.
“[This] increase [was] attributable to the recommencement of lending during the year after pausing originations for a part of 2020 due to the outbreak of the Covid-19 pandemic,” Fluro said in a Companies House filing.
“Turnover declined to £5.4m (2020: £8.1m), primarily as a result of a reduction in servicing fees levied on the loan portfolio to replenish the Lending Works Shield.”
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