Monevo on course to top £1bn in loans

Macclesfield-based Monevo, Europe’s largest lending marketplace and platform is on track to exceed £1bn in loan originations in 2017.

The spectacular growth of the company is being boosted with ongoing success in the US, Monevo’s newest territory.

Some 15 US lenders, including Lending Club, Sofi, and Prosper have now joined Monevo’s roster of more than 150 personal loan lenders across the world.

US director David Brooks said: “We have seen strong and constant growth in the USA over the last 12 months and with some major updates to our consumer product we are anticipating an impressive 2018.”

Monevo also successfully acquired their California Broker License this year, continuing the company’s strong focus on compliance.

Personal loan originations in the US reached new heights by the end of 2016.

Total balances reached $102bn for the first time, $14bn higher than the end of 2015. The number of consumers with personal loans at the end of 2016 was 15.82 million.

Brooks continued: “Globally, Monevo processes over 35,000 loan applications per day, making it the biggest marketplace of consumers looking for loans in Europe.

“This dynamic marketplace of live consumers can be accessed by lenders using the platform; these lenders are able to choose only the customers that are eligible for their products, removing all wastage that occurs in conventional acquisition channels.”

Monevo’s technology provides credit solutions for Affiliates & Brokers, Comparison Websites, Lenders and Challenger Banks.

It also operates in Australia, the UK, and Poland.