Peer-to-peer lending platform Lendable has been named in a list of the top 100 fastest growing tech companies in the UK.
The annual Tech Track 100 league table is put together by research firm Fast Track and featured in The Sunday Times. The list assesses some of the countries leading and fastest growing private tech companies.
The 2020 list saw Lendable place in position 10, a slight drop from last year when they came in at number 6.
Lendable’s accounts at year end for 2019 showed the company’s sales had risen by 165.52% over the past 3 years taking the firm to £32.2 million, leaving them in profit.
The lending firm also secured £700 million from investors including Goldman Sachs Private Capital and Waterfall Asset Management in order to finance loans on its platform.
Lendable recently launched its own credit cards and plans to offer car finance soon too, both key points Fast Track noted in it’s assessment of the lending firm.
Lendable, who launched 6 years ago, uses machine-learning technology to automate credit underwriting and offer personal loans. The firm originates and services the loans on behalf of institutional investors but doesn’t hold them on their own balance sheets. Instead, investors receive the interest payments and Lendable charges them a service fee for using the platform.
The investment in the firm last year from Goldman Sachs, thought to be worth £200million, was seen at the time as a sign of investor confidence in the UK despite ongoing Brexit negotiations.
Lendable weren’t the only lending firm featured in the Tech Track 100 list with fellow peer-to-peer lending platform Lending Works also making the cut, placing at number 52. The firm was acquired by alternative investment manager Intriva Capital in July and reported a 74.82% rise in annual sales over the past three years.
Also featured on the list were digital bank Revolut who topped this year’s list with a 309.89% rise in sales as well as OakNorth Bank who featured at number 16 and ComplyAdvantage, a tech firm that works to detect financial crime, who ranked at 18.