Peer to peer lender surpasses £100m in loans
TAMWORTH-based peer to peer lender ThinCats has reported that it has broken the £100m lending barrier.
Its top loan beneficiaries include manufacturing (17.4%), wholesale and retail trade (13.7%), and construction services (10.2%).
ThinCats, the second peer-to-peer business lender to launch in the UK, now has a 10% share of the market.
The lender facilitates loans to SMEs by connecting them with investors from across the UK through a sponsorship network. The platform enables SMEs to look beyond local lenders and banks, to reach a pool of investors, helping them to achieve their growth and development initiatives.
Kevin Caley, founder of ThinCats, said: “2014 has been a record year of growth for us, and ThinCats couldn’t have asked for a better fourth birthday present than hitting the £100m milestone.
“Nevertheless we have always been a forward looking company, and with pension flexibilities and the first peer to peer ISA now just over the horizon, this year is set to be an exciting one.
“From April, savers over the age of 55 will be able to access their pensions freely, and ThinCats’ partnership with SIPPClub and other initiatives mean we are already well versed in allowing people to secure a regular retirement income through peer to peer whilst maintaining growth in a tax efficient wrapper.
“The reforms are likely catapult the sector into the global limelight in 2015.”
ThinCats’ average loan size is £320k – above the industry average.
So far 14 companies have received loans of more than £1m.
